Activist Investor Demands Exelixis Cut R&D Spending And Learn From Peers
CEO Pushes Back On R&D Spending Cut Calls
The mid-sized company is under siege from hedge fund Farallon and faces a fight over its R&D strategy to follow aging blockbuster Cabometyx.
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After feeling the heat from activist investor Farallon Capital Management earlier this year, CEO Michael Morrissey has defended its spending on in-house R&D and in-licensing as it announced a new oncology deal.
Teva has dealt out of US patent-infringement proceedings with Exelixis over the originator’s Cabometyx, picking up a date-certain launch early in the next decade.
The US firm’s Cabometyx has missed the mark in combination with Roche’s Tecentriq in a challenging kidney cancer setting, but analysts argue the setback is minimal as they highlight two major readouts coming this year.