Third Point Discloses Kadmon Holdings Equity Stake ~ market folly

Monday, August 8, 2016

Third Point Discloses Kadmon Holdings Equity Stake

Dan Loeb's hedge fund Third Point has filed a 13G with the SEC regarding its position in Kadmon Holdings (KDMN).  Per the filing, Third Point now owns 17% of the company with over 7.61 million shares.

This is a newly disclosed equity position for the fund and the filing was made due to activity on July 26th.  The company recently completed its initial public offering (IPO).

Third Point was originally a 'second lien' debt holder of Kadmon prior to its IPO.  This debt converted into common shares at an 80% discount to the IPO price.  Third Point was the largest holder of second lien debt.

For more on this hedge fund, head to Third Point's Q2 letter which talks about some of their latest investments.

Per Google Finance, Kadmon Holdings is "a biopharmaceutical company, which is engaged in the discovery, development and commercialization of small molecules and biologics. The Company is developing product candidates within autoimmune and fibrotic diseases, oncology and genetic diseases. The Company offers KD025, Tesevatinib in Oncology, Tesevatinib in polycystic kidney disease (PKD) and KD034. It offers tablets and capsules, such as Ribasphere RibaPak, Ribasphere tablets, Ribasphere, Qsymia, Tetrabenazine and Valganciclovir. KD025 is its candidate in its rho-associated coiled-coil kinase 2 (ROCK2) platform, which is an oral, selective ROCK2 inhibitor. Tesevatinib is an oral tyrosine kinase inhibitor (TKI) designed to block molecular drivers of tumor growth, metastases and drug resistance. KD034 is its portfolio of formulations of trientine hydrochloride, a chelating compound for the removal of excess copper from the body, for the treatment of Wilson's disease."

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