One hedge fund is on a winning streak when it comes to takeovers of companies developing hepatitis C treatments.
QVT Financial, started by ex-Deutsche Bank prop traders, is among the largest shareholders of Inhibitex, which agreed over the weekend to a $2.5 billion acquisition by Bristol-Myers Squibb.
According to regulatory filings, QVT first bought shares for about $1 each in 2009, and also took warrants to acquire millions more shares at $1.46 each. That means QVT’s stock is worth about $105 million at Bristol-Myers’s takeover price, or very roughly 25 times what QVT paid for its investment in 2009.
Abacab Fund Sees Mispricing In Options As Black-Scholes Has Become “Inadequate”
Abacab Asset Management's flagship investment fund, the Abacab Fund, had a "very strong" 2020, returning 25.9% net, that's according to a copy of the firm's year-end letter to investors, which ValueWalk has been able to review. Commenting on the investment environment last year, the fund manager noted that, due to the accelerated adoption of many Read More
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