Baupost Group Trims Kindred Biosciences, Exits ChipMOS ~ market folly

Thursday, November 10, 2016

Baupost Group Trims Kindred Biosciences, Exits ChipMOS

Seth Klarman's investment firm Baupost Group has filed with the SEC regarding its positions in Kindred Biosciences (KIN) and ChipMOS Technologies (IMOS).

Trims Kindred Biosciences Stake

First, per a separately filed 13G, Baupost Group has also revealed they now own 4.85% of Kindred Biosciences (KIN) with 965,484 shares.

This is a decrease from their previous position of 3 million shares at the end of the second quarter.  The filing was made due to activity on October 31st.

We've previously highlighted other portfolio activity from Baupost Group here.

Per Google Finance, Kindred Biosciences is "a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company's product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products. The Company is developing antibodies that targets canine Interleukin 17A (IL-17a), Interleukin 4A (IL-4Ra), Interleukin 3 (IL-3), CD-20, Immunoglobulin E (IgE), tumor necrosis factors (TNF) and other validated targets. The Company's lead product candidates are Zimeta, which is indicated for the treatment of fever in horses, and KIND-010 for management of weight loss in cats. The Company's other product candidates include KIND-010, KIND-014, KIND-015, KIND-510, KIND-502, KIND-0888, KIND-509, and several antibodies that target cytokines involved in atopic dermatitis."

Exits ChipMOS (Merger Closed)

Second, per an amended 13G, Klarman no longer owns any shares of ChipMOS (IMOS) as of October 31st.  A merger involving the company's shares recently closed.  Baupost previously owned 3.75 million shares at the end of the second quarter.

Per Google Finance, ChipMOS is "a provider of semiconductor assembly and test services. The Company provides testing and assembly services for liquid crystal display (LCD) and other flat-panel display driver semiconductors in Taiwan, and for memory and logic/mixed-signal products in Taiwan and Mainland China. The Company's business segments are testing services for memory and logic/mixed-signal semiconductors; assembly services for memory and logic/mixed-signal semiconductors; LCD and other flat-panel display driver semiconductor testing and assembly services, and bumping services for memory, logic/mixed-signal and LCD and other flat-panel display driver semiconductors. The Company provides testing services for a range of memory semiconductors, such as Static Random Access Memory (SRAM), Dynamic Random Access Memory (DRAM) and Flash memory. Its production facilities are located in Hsinchu and Tainan, Taiwan and Shanghai, Mainland China."

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