Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing

New AMZN OPCH FIS UBER TSM ICE positions, Exited CL NATI

Highlights from Q2 2023 filing as compared to Q1 2023:

• New positions in: AMZN (~4.1 mln shares), OPCH (~3.5 mln), FIS (~0.3 mln), UBER (~2.78 mln), TSM (~2.45 mln), ICE (~1.85 mln), ATVI (~1.65 mln), HZNP (~0.5 mln), NVDA (~0.5 mln), BKI (~0.46 mln)
• Increased positions in: BABA (to ~2.95 mln shares from ~1.33 mln shares), DEN (to ~1.68 mln from ~0.25 mln), VST (to ~3.32 mln from ~2.12 mln), J (to ~1.35 mln from ~0.19 mln), HTZ (to ~7.32 mln from ~6.35 mln), DD (to ~4.6 mln from ~4 mln), MSFT (to ~1.52 mln from ~1.05 mln) MU (to ~1.55 mln from ~1.2 mln), AMD (to ~1.2 mln from ~1 mln) IFF (to ~2.65 mln from ~2.55 mln)
• Maintained positions in: BBWI (~13.85 mln shares), AIG (~2.95 mln shares), FERG (~1.28 mln shares)
• Closed positions in: CL (from ~11.05 mln shares) NATI (from ~2 mln), NPWR (from ~1.5 mln), TECK (from ~1.15 mln), CTLT (from ~0.2 mln), HCNE (from ~0.99 mln), CRM (from ~0.8 mln), UNH (from ~0.34 mln)
• Decreased positions in: PCG (to ~54 mln shares from ~59.25 mln shares), GOOGL (to ~1.43 mln from ~4.75 mln), HCA (to ~0.6 mln from ~0.86 mln), EGGF (to ~0.95 mln from ~1.1 mln), DHR (to ~2.6 mln from ~2.75 mln)

===Horizon Pharma (HZNP) to be acquired by Amgen (AMGN) for $116.50/share in cash

 

Horizon Pharma no longer in merger discussions with Sanofi (SNY)

Sanofi S.A. (SNY) regularly evaluates a wide variety of business development opportunities and this has included the evaluation of a possible transaction involving Horizon. As transaction price expectations do not meet our value creation criteria, Sanofi announces it is no longer in discussions with Horizon and it does not intend to make an offer for Horizon.

Horizon Pharma: Amgen (AMGN) confirms it will acquire HZNP for $116.50/share in cash 

• The board of directors of Horizon Therapeutics and the board of directors of Amgen are pleased to announce that they have reached agreement on the terms of a cash offer for the Company by Pillartree Limited ("Acquirer Sub"), a newly formed private limited company wholly owned by Amgen, which is unanimously recommended by the Company Board and pursuant to which Acquirer Sub will acquire the entire issued and to be issued ordinary share capital of the Company. Under the terms of the Acquisition, each Company Shareholder at the Scheme Record Time will be entitled to receive:
  • $116.50 for each Company Share in cash
• The Acquisition represents: a premium of approximately 47.9% to the closing price of $78.76 per Company Share on November 29, 2022 (being the last closing price per Company Share prior to the Company's issuance of an announcement of a possible offer under Rule 2.4 of the Irish Takeover Rules); and a premium of approximately 19.7% to the closing price of $97.29 per Company Share on December 9, 2022.
• The Acquisition values the entire issued and to be issued ordinary share capital of the Company at approximately $27.8 billion on a fully diluted basis and implies an enterprise value of approximately $28.3 billion.
• Amgen Background to and Reasons for the Acquisition: Generates robust cash flow (approximately $10 billion combined over twelve months through Q3 2022)[1] to support capital allocation priorities, including ongoing investment in innovation and continued dividend growth while sustaining a commitment to an investment grade credit rating; Accelerates revenue growth and is expected to be accretive to non-GAAP earnings per share from 2024; and Increases efficiency for the Combined Group, leading to an estimated annual pre-tax cost reduction of at least $500 million by the end of the third fiscal year following Completion.

-=Horizon Pharma (HZNP) : thyroid eye disease treatment succeeds in a Phase 3 study

The company announced positive results in a late-stage trial of a treatment for active thyroid eye disease, or TED. The company said the phase 3 trial of teprotumumab met its primary endpoint of improving proptosis, or bulging of the eye compared with placebo, with 82.9% of patients showing improvement compared with 9.5% of placebo patients. The trial also succeeded in meeting secondary endpoints and achieving a consistent safety profile with the phase 2 study.

The company is expecting to submit a biologics license application to the U.S. Food and Drug Administration in mid-2019. TED is a progressive automimmune disease with a limited window for treatment without surgical intervention. As it progresses, it can lead to other eye issues and even blindness. Horizon shares have gained 49.9% in the last 12 months, while the S&P 500 (SPX) has gained 2.9%.

Horizon has high hopes for teprotumumab. In a November interview, CEO Walbert told Investor's Business Daily he expects the thyroid eye disease treatment to bring in a peak $750 million annually in the U.S. alone. The company's other key drug, a gout treatment, is expected to hit that same mark globally.

=Horizon Pharma (HZNP) reported earnings Mon 8 May 2017 (b/o)

Horizon Pharma misses by $0.02, misses on revs; lowers FY17 below consensus:

• Reports Q1 (Mar) earnings of $0.21 per share, $0.02 worse than the Capital IQ Consensus of $0.23; revenues rose 7.9% year/year to $220.9 mln vs the $248.71 mln Capital IQ Consensus.
  • Co announces its Board authorized a share repurchase program for ~10% of shares outstanding
• Co issues downside guidance for FY17, lowers FY17 revs to $1.00-1.035 bln from $1.24-1.29 bln vs. $1.26 bln Capital IQ Consensus Estimate.
• The Company revised its full-year 2017 adjusted EBITDA guidance to $315 million to $350 million from $525 million to $575 million, which assumes the lower net sales range and accounts for cost reductions, primarily in its primary care business, and a reinvestment of a portion of these reductions in KRYSTEXXA to maximize its long-term potential.
  • It also reflects an ~$20 million increase in operating expenses, primarily in R&D, for full-year 2017 related to teprotumumab.
• The Company is raising its estimate of peak annual net sales for KRYSTEXXA to $400 million from $250 million

=Horizon Pharma (HZNP) reported earnings on Mon 29 Feb 2016 (b/o)

Horizon Pharma beats by $0.03, beats on revs; reaffirms FY16 guidance :

• Reports Q4 (Dec) earnings of $0.63 per share, excluding non-recurring items,$0.03 better than the Capital IQ Consensus of $0.60; revenues rose 135.5% year/year to $244.5 mln vs the $240.81 mln Capital IQ Consensus, driven by strong growth in each of Horizon's business units: orphan, primary care and rheumatology, as well as the addition of new medicines.
• Reaffirms FY16 rev $1.025-1.05 bln vs. $1.04 bln consensus, EBITDA $505-520 mlnvs. 

Received subpoena from the U.S. Attorney's Office in Nov. requesting documents and information related to their patient assistance programs and other aspects of its marketing and commercialization activities.