SCHEDULE: Farallon Amends Exelixis Stake, Reports Management Shifts

Farallon Capital Management updates its beneficial ownership in Exelixis, Inc. to 5.9% and discloses internal management changes affecting its reporting persons.

Summary

• Farallon Capital Management, L.L.C. and its affiliated funds and individuals collectively report beneficial ownership of 15,709,500 shares of Exelixis, Inc. common stock.
• This aggregate ownership represents 5.9% of Exelixis's 268,112,157 shares outstanding as of October 27, 2025.
• Avner A. Husen became a managing member/manager of Farallon's general partners and related entities, effective January 1, 2026, and is now deemed a beneficial owner.
• Richard B. Fried, Rajiv A. Patel, and William Seybold ceased to be managing members/managers of Farallon's general partners and related entities, effective December 31, 2025, and are no longer deemed beneficial owners.
• The filing details numerous open-market sale transactions by various Farallon funds between November 14, 2025, and December 15, 2025, at prices ranging from $41.07 to $44.50 per share.
• A few purchase transactions were also reported on November 10, 2025, and December 31, 2025, by certain Farallon funds, including Farallon Healthcare Partners Master, L.P. purchasing 69,000 shares on December 31, 2025, at $43.76 and $43.90.

Sentiment

Score: 5

Explanation: The filing is neutral as it primarily reports routine beneficial ownership updates and internal management changes within Farallon Capital Management, with both selling and minor purchasing activity noted.

Positives

• Farallon Healthcare Partners Master, L.P. made a notable purchase of 69,000 shares on December 31, 2025, indicating a potential positive view on the stock at those price levels.

Negatives

• Multiple Farallon funds engaged in significant open-market selling of Exelixis shares throughout November and December 2025, suggesting a reduction in their overall exposure to the company.

Future Outlook

This filing does not provide forward-looking statements or guidance from Exelixis, Inc. or the reporting persons regarding their future intentions with the shares beyond the disclosure of beneficial ownership changes and past trading activity.

Industry Context

This filing reflects routine disclosure requirements for significant institutional investors, indicating shifts in their internal management structure and corresponding beneficial ownership reporting. It does not provide specific insights into broader industry trends for the biotechnology or pharmaceutical sector, but rather details a specific fund's portfolio adjustments and internal personnel changes.

Management Changes

Stakeholder Impact

• Shareholders of Exelixis, Inc. are informed of a significant institutional investor's updated ownership stake and recent trading activity, which could influence market perception.
• The internal management changes within Farallon Capital Management primarily impact its own internal governance and reporting structure, with indirect implications for its investment strategies.

Key Dates

Recommendation

This Schedule 13D amendment primarily details changes in beneficial ownership and internal management within Farallon Capital Management, rather than a change in investment thesis for Exelixis. While there was significant selling activity by various Farallon funds, there were also some purchases, including a notable one by Farallon Healthcare Partners Master, L.P. at the end of December. The overall impact on Exelixis's fundamentals is not directly addressed, and the filing does not provide a clear directional signal for the stock, warranting a 'hold' recommendation based solely on this disclosure.

Keywords

Exelixis, Farallon Capital Management, Schedule 13D, Beneficial Ownership, Institutional Investor, Shareholder, Management Changes, SEC Filing, Common Stock