Baupost Acquires 10.7% Stake In Keryx Pharmaceuticals

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Baupost Acquires 10.7% Stake In Keryx Pharmaceuticals

Baupost Group, the hedge fund headed by Seth Klarman, acquired 9,151,600 shares or a 10.7% stake in Keryx Pharmaceuticals (NASDAQ:KERX), based on its latest 13D filing with the Securities and Exchange Commission (SEC).

Keryx Pharmaceuticals (NASDAQ:KERX) is based in New York, and is focused on acquisition, development and commercialization of pharmaceutical products. The company was established in 1998.

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New drug application

Keryx Pharmaceuticals (NASDAQ:KERX) completed a US-based Phase 3 clinical trial of KRX-0502, an investigational, ferric citrate, oral compound that binds to phosphate. It is intended to treat hyperphosphatemia (elevated phosphate levels) in patients with chronic kidney disease (CKD) on dialysis.

The Food and Drug Administration (FDA) assigned June 7, 2014 as the Prescription Drug User Fee Act (PDUFA) goal date for Keryx Pharmaceuticals (NASDAQ:KERX) after the company submitted its new drug application (NDA). According to the company, it will soon submit its marketing authorization application (MAA) with the European