Shareholders in South San Francisco-based biotech firm VaxGen Inc. approved a reverse stock split by a margin of nearly 3 to 1, the company announced this week.

The company’s board, which has discretion to set the ratio of the split, has previously indicated that a 5 to 1 ratio is likely.

Shareholders also reelected the board of directors, despite recent objections from some shareholders to a proposed merger with another South City biotech firm, Raven Biotechnologies, Inc.