I forgot to add information about the major shareholders. Per most recent disclosures, Orbimed owns 40.6% and Foresite owns a further 12.6%. A number of other biotech funds are on the register. Hopefully this bodes well for a good outcome.
Nov 15, 2023·edited Nov 16, 2023Liked by generalsandworkouts
Interesting workout you have here. There's certainly room for some Shakespearean 'to be or not to be ' quote here. Not quite my cup of tea, but I'm looking forward to seeing how this plays out.
Hi, great post. I have not looked at the details but have you looked at whether they have any lease liabilities? They will have to pay them if they decide to liquidate. Also, they are probably engaging with an investment bank and there is usually a significant fee to include in your calculations (but that may be repaid from the sale of their assets)
How likely is Tang's new $4 deal to get done? at current px of $4 we get free CVR upside. How likely is this to get done at $4 and what are the chances we get anything from the CVR? Thanks
Great writeup. Played out right on point. Do not see them not hitting the top of that 3.90-4.05 cash range. Any view as to what the CVR could be worth, interesting that only 6mo, alot shorter than most of Tang's CVRs, maybe some sort of plan out there for the assets.
An important update on this situation: Kevin Tang has made a non-binding offer for $3.80 per share plus CVR (for 80% of net proceeds of THRX’s programs: https://www.sec.gov/Archives/edgar/data/1745020/000121465923015548/d1124230sc13d.htm
Meanwhile Orbimed and Foresite have also sent the board a non-binding EOI for a privatisation offer, without disclosing a price: https://www.sec.gov/Archives/edgar/data/1745020/000095014223002837/eh230423669_ex01.htm
These are very positive developments as it means the company will almost certainly be sold, removing the risk of a bad reverse merger.
I forgot to add information about the major shareholders. Per most recent disclosures, Orbimed owns 40.6% and Foresite owns a further 12.6%. A number of other biotech funds are on the register. Hopefully this bodes well for a good outcome.
Interesting workout you have here. There's certainly room for some Shakespearean 'to be or not to be ' quote here. Not quite my cup of tea, but I'm looking forward to seeing how this plays out.
Hi, great post. I have not looked at the details but have you looked at whether they have any lease liabilities? They will have to pay them if they decide to liquidate. Also, they are probably engaging with an investment bank and there is usually a significant fee to include in your calculations (but that may be repaid from the sale of their assets)
How likely is Tang's new $4 deal to get done? at current px of $4 we get free CVR upside. How likely is this to get done at $4 and what are the chances we get anything from the CVR? Thanks
Great writeup. Played out right on point. Do not see them not hitting the top of that 3.90-4.05 cash range. Any view as to what the CVR could be worth, interesting that only 6mo, alot shorter than most of Tang's CVRs, maybe some sort of plan out there for the assets.