<SEC-DOCUMENT>0000950142-23-001078.txt : 20230413
<SEC-HEADER>0000950142-23-001078.hdr.sgml : 20230413
<ACCEPTANCE-DATETIME>20230413162741
ACCESSION NUMBER:		0000950142-23-001078
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230413
DATE AS OF CHANGE:		20230413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXELIXIS, INC.
		CENTRAL INDEX KEY:			0000939767
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				043257395
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30235
		FILM NUMBER:		23818661

	BUSINESS ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		6508377000

	MAIL ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS INC
		DATE OF NAME CHANGE:	20000207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20000106
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
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<P STYLE="margin: 0">&#160;</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FORM
8-K&#160;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 5pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date
of Report (Date of earliest event reported): April 12, 2023</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 30%">&#160;</TD>
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="logo.jpg" ALT="" STYLE="height: 64px; width: 191px"></FONT></TD>
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  <TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EXELIXIS,
    INC.</B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR>
    <TD>&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Exact
    name of registrant as specified in its charter)</FONT></TD>
    <TD>&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>000-30235</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>04-3257395</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 2.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(State
    or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 2.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 2.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(IRS
    Employer Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1851
Harbor Bay Parkway</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Alameda,
California 94502</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Address
of principal executive offices) (Zip Code)</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(650)
837-7000</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Registrant&#8217;s
telephone number, including area code)</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 21.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Written
                                            communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 21.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9746;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Soliciting
                                            material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 21.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pre-commencement
                                            communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 21.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9744;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pre-commencement
                                            communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
registered pursuant to Section&#160;12(b) of the Act:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title of each
    class</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 31%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trading</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Symbol(s)</FONT></P></TD>
    <TD STYLE="width: 1%">&#160;</TD>
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of each exchange on</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">which registered</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Common Stock $.001 Par
    Value per Share</B></FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EXEL</B></FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Nasdaq Stock Market
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging growth company &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT>&#160;</P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white"><FONT STYLE="background-color: white">On April 12, 2023, Carl Feldbaum,
Esq. and Vincent Marchesi, M.D., Ph.D. notified Exelixis, Inc. (&ldquo;the Company&rdquo;) of their decisions not to stand for re-election
to the Board of Directors of the Company (the &ldquo;Board&rdquo;) at the Company&rsquo;s 2023 Annual Meeting of Stockholders. Mr. Feldbaum
and Dr. Marchesi each indicated that his decision not to stand for re-election was not a result of any disagreement with the Company on
any matter relating to the Company&rsquo;s operations, policies or practices</FONT>. </FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
8.01 Other Events.</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">On
April 13, 2023, the Company issued a press release announcing the decisions of Mr. Feldbaum and Dr. Marchesi not to stand for re-election
to the Board. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
9.01 Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white"><B>(d)
Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT>&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
  <TD STYLE="width: 2%">&#160;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 40%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit
  Description</B></FONT></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&#160;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>99.1</TD>
  <TD>&#160;</TD>
  <TD><A HREF="eh230349048_ex9901.htm">Press Release issued by Exelixis, Inc., dated April 13, 2023</A></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>104</TD>
  <TD>&#160;</TD>
  <TD>Cover Page Interactive Data
    File</TD>
    <TD>&#160;</TD>
    <TD>The cover page interactive
    data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Important
Information For Investors and Stockholders</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">The
Company intends to file a proxy statement and proxy card with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) in
connection with its solicitation of proxies for its 2023 Annual Meeting. THE COMPANY&#8217;S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING PROXY CARD AS THESE DOCUMENTS BECOME
AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the proxy statement, any amendments or supplements to the
proxy statement and other documents as and when filed by the Company with the SEC without charge from the SEC&#8217;s website at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">The
Company, its directors and certain of its executive officers may be deemed to be participants in connection with the solicitation of
proxies from the Company&#8217;s shareholders in connection with the matters to be considered at the 2023 Annual Meeting. Information
regarding the ownership of the Company&#8217;s directors and executive officers in the Company common shares is included in their SEC
filings on Forms 3, 4, and 5, which can be found through the SEC&#8217;s website at www.sec.gov. Information can also be found in the
Company&#8217;s other SEC filings. More detailed and updated information regarding the identity of potential participants, and their
direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed
with the SEC. These documents can be obtained free of charge from the sources indicated above.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SIGNATURES
</B></FONT></P>

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to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</FONT></P>

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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXELIXIS, INC.</FONT></TD>
    <TD STYLE="width: 10%">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April
    13, 2023</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    Jeffrey J. Hessekiel</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Jeffrey J. Hessekiel</B></FONT></TD>
    <TD>&#160;</TD></TR>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive
        Vice President, General Counsel</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
    Secretary</FONT></P></TD>
    <TD>&#160;</TD></TR>
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt; border-collapse: collapse">
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    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><I>Investor Contacts:</I></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Chris Senner</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Chief Financial Officer</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Exelixis, Inc.</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>650-837-7240</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="color: #0563C1"><I><U>csenner@exelixis.com</U></I></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Susan Hubbard</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>EVP, Public Affairs &amp; Investor Relations</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Exelixis, Inc.</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>650-837-8194</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="color: #0563C1"><I><U>shubbard@exelixis.com</U></I></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><I>Media Contacts:</I></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Jamie Moser / Sharon Stern / Tali Epstein<BR>
    Joele Frank, Wilkinson Brimmer Katcher<BR>
    212-355-4449</I></P></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Exelixis Advances Board Refreshment Plan </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ALAMEDA, Calif. &ndash; April 13, 2023</B> &ndash;
<FONT STYLE="color: #0563C1"><U>Exelixis, Inc.</U></FONT> (Nasdaq: EXEL) (the &ldquo;Company&rdquo;) today announced that Carl Feldbaum,
Esq. and Vincent Marchesi, M.D., Ph.D., two long-standing and valued members of the Board of Directors, will not stand for re-election
at the Company&rsquo;s 2023 Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;). As part of its ongoing refreshment program,
the Board is recommending Tomas Heyman, current Chief Executive Officer of Interlaken Therapeutics and former President of Johnson &amp;
Johnson&rsquo;s Corporate Venture Capital Group, and Robert Oliver, former President and Chief Executive Officer of Otsuka America Pharmaceutical,
for election as independent directors at the Company&rsquo;s Annual Meeting to fill Mr. Feldbaum&rsquo;s and Dr. Marchesi&rsquo;s seats.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As previously disclosed, Messrs. Heyman and Oliver
were originally nominated by Farallon Capital Management, L.L.C. (&ldquo;Farallon&rdquo;). As part of the Company&rsquo;s efforts to reach
an agreement with Farallon to avoid a proxy contest, in the third week of March numerous members of the Exelixis Board met individually
with both candidates to assess their qualifications to serve as members of the Board. The Board subsequently agreed to appoint both Messrs.
Heyman and Oliver to the Board as part of a proposed settlement agreement with Farallon. However, Farallon was unwilling to sign an agreement
and demanded a highly unusual breadth and depth of access to company confidential and proprietary information as a non-negotiable part
of any settlement, including unprecedented access to Exelixis&rsquo; pipeline, people and clinical trial data. While the Exelixis Board
could not concede to Farallon&rsquo;s information and access demands, the Board determined at the time of the interviews that Messrs.
Heyman and Oliver were excellent candidates for the Board, and the failure of settlement negotiations with Farallon does not in any way
affect that view.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;On behalf of the entire Board, I want to extend
my deep appreciation to Carl and Vincent for their many contributions to Exelixis throughout their tenure. Both have been trusted partners
and colleagues. Their wisdom and expertise have informed our strategy and have guided us on our path to leadership and value creation,&rdquo;
said Dr. Stelios Papadopoulos, Chairman of Exelixis&rsquo; Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">- more -</P>




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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;As we say goodbye to two outstanding leaders,
we will ask shareholders to vote for Tomas and Bob as new independent Board members at our upcoming Annual Meeting. Their proposed addition
to the Board is part of an ongoing refreshment plan that underscores our commitment to upholding best-in-class corporate governance to
ensure we have the right balance of relevant skills and expertise to guide the Company&rsquo;s continued evolution and long-term strategic
plan,&rdquo; Dr. Papadopoulos continued.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;Especially as a cancer survivor, I&rsquo;ve
been truly privileged to serve on this highest-caliber Board of scientists, physicians, CEOs and financial experts. Exelixis has an extraordinarily
talented and dedicated team, and I anticipate great progress for this remarkable Company in the months and years ahead,&rdquo; said Mr.
Feldbaum.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;I leave Exelixis with a great sense of pride
for the Company we have become and the progress we have made to improve the standard of care for cancer patients and create shareholder
value. <FONT STYLE="color: #212121">I look forward to following the progress of this talented team as they strive to develop the next
wave of important cancer medicines</FONT>,&rdquo; said Dr. Marchesi.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dr. Papadopoulos concluded, &ldquo;We are pleased
to strengthen the Exelixis Board with new independent directors who embody the important skillsets our Board is looking for as we advance
our strategy to become a global, multi-product oncology company. Tomas and Bob are highly respected leaders who bring a deep understanding
of the biopharma industry and strong track records of overseeing growth and commercial success. We look forward to benefitting from their
insights and expertise as Exelixis delivers innovative treatments for our patients and drives growth and value for shareholders.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board&rsquo;s slate for the Annual Meeting will
consist of Maria Freire, Alan Garber, Tomas Heyman, Michael Morrissey, Robert Oliver, Stelios Papadopoulos, George Poste, Julie Anne Smith,
Lance Willsey, Jacqueline Wright and Jack Wyszomierski. Following the Annual Meeting, the Board will be comprised of 11 directors, 10
of whom are independent and four of whom will have been elected in the last five years. The date of the Annual Meeting has not yet been
scheduled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Tomas Heyman </U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Heyman currently serves as Chief Executive Officer
of Interlaken Therapeutics. Mr. Heyman previously spent nearly 30 years at Johnson &amp; Johnson where most recently, he served as President
of Johnson &amp; Johnson Innovation, the venture capital group, where he managed approximately $1.5 billion in capital. Mr. Heyman serves
as a member of the Boards of Directors of Legend Biotech, Akero Therapeutics, OptiNose and Invivyd. Mr. Heyman received his Master of
Law from K.U. Leuven in Belgium and completed post-graduate studies in international law in Geneva, Switzerland, and post-graduate studies
in business management at the University of Antwerp in Belgium.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Robert Oliver</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Oliver served in a variety of senior positions
at Otsuka America Pharmaceutical, including as President and Chief Executive Officer. Previously, he served in senior positions at Wyeth
Pharmaceuticals and began his career at Johnson &amp; Johnson. Mr. Oliver has served on multiple public and private company Boards, including
currently as a director of PsyBio Therapeutics Corp. Mr. Oliver serves on the Pharma Board of Advisors at Saint Joseph&rsquo;s University
and on the Board of Governors of the Accreditation Council for Medical Affairs. He holds a B.A. from Rutgers University and an M.B.A.
from Saint Joseph&rsquo;s University.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">- more -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>




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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Carl Feldbaum, Esq.</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Feldbaum joined the Exelixis Board of Directors
in February 2007. He currently serves as a Member Emeritus of the Board of Directors of BIO Ventures for Global Health, a non-profit organization,
and is President Emeritus of the Biotechnology Innovation Organization (BIO), the world&rsquo;s largest trade association representing
biotechnology companies, academic institutions, state biotechnology centers and related organizations across the U.S. and in more than
30 other nations. Previously, Mr. Feldbaum served as President of BIO from 1993 until his retirement in 2005. Prior to joining BIO, he
served as Assistant Watergate Prosecutor and was Chief of Staff to Senator Arlen Specter of Pennsylvania. He also was President and Founder
of Palomar Corporation. Prior to that, Mr. Feldbaum was Assistant to the Secretary of Energy and served as the Inspector General for defense
intelligence in the U.S. Department of Defense. Mr. Feldbaum also served as a member of the Board of Directors of several publicly held
companies, including Actelion from 2005 to 2015, Trovagene from 2014 to 2015 and Connetics Corporation from 2005 until its acquisition
by Stiefel Laboratories, Inc. in 2006. Mr. Feldbaum holds an A.B. in Biology from Princeton University and a J.D. from the University
of Pennsylvania Law School.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Vincent Marchesi, M.D., Ph.D.</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dr. Marchesi joined the Exelixis Board of Directors
in May 2001. Since 1973, Dr. Marchesi has been a Professor of Pathology and Cell Biology at Yale University and, since 1991, the Director
of the Boyer Center for Molecular Medicine at Yale University. In 1982, Dr. Marchesi co-founded Molecular Diagnostics, Inc., a diagnostic
development company. Dr. Marchesi was formerly Chair of Pathology at the Yale-New Haven Hospital. He holds an M.D. from Yale University
and a Ph.D. from Oxford University, and is a member of the National Academy of Sciences and the Institute of Medicine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Exelixis</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Exelixis is a globally ambitious oncology company
innovating next-generation medicines and regimens at the forefront of cancer care. Powered by bi-coastal centers of discovery and development
excellence, we are rapidly evolving our product portfolio to target an expanding range of tumor types and indications with our clinically
differentiated pipeline of small molecules, antibody-drug conjugates and other biotherapeutics. This comprehensive approach harnesses
decades of robust investment in our science and partnerships to advance our investigational programs and extend the impact of our flagship
commercial product, CABOMETYX&reg; (cabozantinib). Exelixis is driven by a bold scientific pursuit to create transformational treatments
that give more patients hope for the future. For information about the company and its mission to help cancer patients recover stronger
and live longer, visit <FONT STYLE="color: #0563C1"><U>www.exelixis.com</U></FONT>, follow <FONT STYLE="color: #0563C1"><U>@ExelixisInc
</U></FONT>on Twitter, like <FONT STYLE="color: #0563C1"><U>Exelixis, Inc.</U></FONT> on Facebook and follow <FONT STYLE="color: #0563C1"><U>Exelixis
</U></FONT>on LinkedIn.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Exelixis Forward-Looking Statements</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release contains forward-looking statements.
Any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking
statements and are based upon Exelixis&rsquo; current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking
statements involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in
the forward-looking statements as a result of these risks and uncertainties, which include, without limitation the factors affecting Exelixis
discussed under the caption &ldquo;Risk Factors&rdquo; in Exelixis&rsquo; Annual Report on Form 10-K filed with the Securities and Exchange
Commission (SEC) on February 7, 2023, and in Exelixis&rsquo; future filings with the SEC. All forward-looking statements in this press
release are based on information available to Exelixis as of the date of this press release, and Exelixis undertakes no obligation to
update or revise any forward-looking statements contained herein, except as required by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">- more -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Board Refreshment Plan Announcement</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 4</B></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>April 13, 2023</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Important Stockholder Information</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Exelixis, Inc. (the &ldquo;Company&rdquo;)
intends to file a proxy statement and proxy card with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) in connection
with its solicitation of proxies for its 2023 Annual Meeting. THE COMPANY&rsquo;S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE
PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING PROXY CARD AS THESE DOCUMENTS BECOME AVAILABLE AS THEY
WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the proxy statement, any amendments or supplements to the proxy statement
and other documents as and when filed by the Company with the SEC without charge from the SEC&rsquo;s website at <FONT STYLE="color: #0563C1"><U>www.sec.gov</U></FONT>.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company, its directors and certain of its executive
officers may be deemed to be participants in connection with the solicitation of proxies from the Company&rsquo;s shareholders in connection
with the matters to be considered at the 2023 Annual Meeting. Information regarding the ownership of the Company&rsquo;s directors and
executive officers in the Company common shares is included in their SEC filings on Forms 3, 4, and 5, which can be found through the
SEC&rsquo;s website at <FONT STYLE="color: #0563C1"><U>www.sec.gov</U></FONT>. Information can also be found in the Company&rsquo;s other
SEC filings. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests,
by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC. These documents
can be obtained free of charge from the sources indicated above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 8pt; text-align: center"><I>Exelixis, the Exelixis logo, and CABOMETYX
are registered trademarks of Exelixis, Inc.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 8pt; text-align: center"># # #</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

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