Tobira (TBRA) Large Shareholder Pentwater Buys, Not Sells Following Allergan Deal

In an interestingly development, large Tobira Therapeutics (NASDAQ: TBRA) shareholder Pentwater Capital did not cash out following the 733% surge in the stock after the acquisition announcement by Allergan (NYSE: AGN). Instead, the firm has added to its position.

The group bought 1,624,200 shares from 09/20-09/22 at prices from $38.87-$39.45, which brings their stake to 3,533,200 shares. Tobira shares closed today at $39.50.

On Tuesday (09/20), Tobira Therapeutics agreed to be acquired for an upfront payment of $28.35 per share, in cash, and up to $49.84 per share in Contingent Value Rights (CVRs) that may be payable based on the successful completion of certain development, regulatory and commercial milestone.

It is clear, Pentwater Capital sees value in the CVR's.

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