Seth Klarman's Baupost Group Exits Facet Biotech (FACT) ~ market folly

Thursday, April 22, 2010

Seth Klarman's Baupost Group Exits Facet Biotech (FACT)

Seth Klarman's hedge fund firm Baupost Group recently filed a Form 4 and a 13G with the SEC in regards to shares of Facet Biotech (FACT). In the filings, we see that Klarman's fund sold 1,500,000 shares of FACT at a price of $27 on April 19th, 2010.

Upon completion of this sale, Baupost Group now owns 0 shares of FACT. They have completely sold out of the company and have profited quite handsomely on this investment. You'll recall that Klarman has been selling FACT shares as of late because the company is being bought out at a price of $27 per share by Abbott Laboratories (ABT). Through his activism, Klarman helped Facet Biotech engineer a materially higher takeover offer. And now, Klarman moves on to his next investment. For more on his firm, we recently posted a Baupost Group portfolio update.

Taken from Google Finance, Facet Biotech is "a biotechnology company dedicated to advancing its pipeline of several clinical-stage products and expanding and deriving value from its protein engineering platform technologies to improve the clinical performance of protein therapeutics."

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