From its spinoff from Biogen(BIIB) in February 2017 to the closing of its acquisition by Sanofi(SNY) in March 2018, Bioverativ’s tenure as a public company was short but profitable. From an initial price of $44.98 to the sale price of $105 in cash, Bioverativ stock, trading under the symbol BIVV, increased 133%. Not bad for 13 months. We… Read More »
It was just one year ago when Biogen(BIIB) spun off hemophilia and blood disorder specialist Bioverativ(BIVV). With the stock trading in the 40s post-spin, we highlighted some disparate analyst opinions of the spin. The most bullish, Gabelli & Company, has a price target of $58 for Bioverativ stock. This past Friday, Bioverativ stock closed at $64.11, above Gabelli’s… Read More »
In the nine years after since a scuttled $6.4 billion acquisition by private equity firm Blackstone, Alliance Data Systems(ADS) has done well, with a current market capitalization of $13.5 billion. The company has attracted the interest of ValueAct Capital which has acquired a 10.5% stake. In an amended 13D filed with the SEC on Monday, ValueAct disclosed that… Read More »
It’s hump day. Here are some links to help you get through it: Marketfolly published some notes on a panel titled ‘The Future of Shareholder Activism’ at the Reuters Live Newsmaker Event. The panel featured some currently ‘active’ managers including ValueAct’s Jeffrey Ubben, Mantle Ridge’s Paul Hilal, Blackrock’s Zach Oleksiuk and Cadwalader’s Richard Brand (lawyer). Mr. Ubben has been… Read More »
Following its spin off from Biogen(BIIB) in January, Bioverativ(BIVV) had merely four Directors- CEO John Cox and three independent Directors. This represented an unusually small Board for a company with a market cap of over $5 billion, and it was probably inevitable that the Board would grow. Last week, Bioverativ added a fifth director, Anna Protopapas. Ms. Protopapas… Read More »
Even before Biogen(BIIB) completed its spinoff of Bioverativ(BIVV), ValueAct Capital began buying “when-issued” stock in the new company. The hedge fund has continued to buy both stock and forward contracts and has now accumulated a 7.1% position in Bioverativ. The shares were purchased at between $40 and $45 per share. As Bioverativ stock has now risen above $50,… Read More »
Last week, Biogen(BIIB) completed its spinoff of Bioverativ(BIVV). The Bioverativ spinoff included Biogen’s hemophilia assets and a $325 million pile of cash. What remains at Biogen is, depending on who you listen to, either poised for great growth, or struggling with it. Barrons reports on two analysts with positive views on Biogen: RBC Capital Markets analyst Michael Yee… Read More »
Bioverativ(BIVV), a drug company focused on hemophilia and other blood disorders, was spun off by Biogen(BIIB) last week. Gabelli & Co initiated Bivoerativ stock as a buy with a value of $58, citing the company’s strong balance sheet(no debt, $325 million in cash), its limited exposure to Medicare, its potential to benefit from corporate tax reform, and its… Read More »
On February 1, Biogen(BIIB) completed the spinoff of its Hemophilia business, Bioverativ(BIVV). Biogen shareholders woke up on February 2 to find one share of Bioverativ in their portfolio for every two shares of Biogen that they had owned. Biogen has had a tumultuous year, with the departure of its longtime CEO George Scangos in January amidst stalling sales. Xconomy’s… Read More »
As we near the end of the month, the completion of three spinoff transactions will be driving changes in various S&P Indexes. Citrix Systems(CTXS) will be spinning off its GetGo division which will then merge with LogMeIn(LOGM) in a reverse Morris Trust transaction. After the transaction is completed on January 31st, Citrix will remain in the S&P 500.… Read More »
Biogen(BIIB) enters the final days before its spinoff of Bioverativ(BIVV), its global hemophilia business, as the new company begins when issued trading under the ticker BIVV. After the close of business on February 1, Biogen shareholders as of January 17 will receive one share of Bioverativ for every two shares they own. The distribution is expected to be… Read More »