SAC Capital Advisors may have a one-day paper loss of about $196 million from its stake in Dendreon Corp. (DNDN), the drugmaker that plunged the most ever after it withdrew its 2011 revenue estimate. SAC Capital owned 8.2 million shares of Seattle-based Dendreon as of March 31, making it the biggest shareholder, according to a regulatory filing. Dendreon fell 67 percent, or $23.87, to $11.97 at 3:15 p.m. New York time in Nasdaq Stock Market trading, the largest decline since its initial public offering in June 2000. [Bloomberg]
healthcare
Healthcare Team May Be Latest Creatures Suspended In Formaldehyde And Put On Display In SAC Capital Lobby
By Bess Levin
Cuts going down circa now. Continue reading »
Kate Kelly: Prosecutors Examining Goldman Employees’ “Conduct” Around Two Healthcare Deals
By Bess LevinSpecifically, 2007′s purchase of Medimmune by AstraZeneca and last year’s purchase of Advanced Medical Optics by Abbot Laboratories. According to KK, “what may have raised eyebrows is the run-ups in the weeks leading up to the announcements– 41% in the month before the Medimunne purchase was made public and 51% in the month before the Medical Optics deal.” Continue reading »
A few weeks back, FrontPoint Partners’ healthcare fund had its name in the press due to its association with a French doctor who allegedly passed one of its managers some hot tips. Not really that big a deal in the grand scheme of things (especially considering the firm itself was never actually charged with any wrongdoing) but apparently investors thought differently. They have redeemed en masse, forcing FrontPoint to liquidate the $1.5 billion fund. And now they need to sit down for a little chat re: the ways of the world. Continue reading »
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