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.
Historically, the Chinese market has been relatively isolated from international investors, but much is changing there now, making China virtually impossible for the diversified investor to ignore. Earlier this year, CNBC pointed to signs that Chinese regulators may start easing up on their scrutiny of companies after months of clamping down on tech firms. That Read More
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