Baupost Group Raises Stake in Idenix Pharmaceuticals (IDIX) to 35%

February 4, 2014 5:02 PM EST
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(Updated - February 4, 2014 5:33 PM EST)

(correction: Stake 35.4% not 39.8%)

In a 13D filing on Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX), hedge fund Baupost Group disclosed a 35.4%, or 53,331,109 share, stake in the company. This is up 44.49% from the 36,910,868 shares held at the end of the latest quarter ending December 31, 2013.

In addition Baupost said it has engaged management and was granted observer rights with respect to meetings.

From Filing:
"The Common Stock was acquired for investment in the ordinary course of business. For additional information, please see the Issuer's filing on Form 8-K on January 27, 2014. The Reporting Persons do not have, as of the date of this filing, any plans or proposals that relate to or would result in any of the actions or events specified in clauses (a) through (j) of Item 4 of Schedule 13D. From time to time, the Reporting Persons have engaged, and expect to engage, in discussions with management and the board of directors of the Issuer. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may engage in discussions with other holders of Common Stock and other relevant parties concerning the business, operations, governance, strategy, capitalization, ownership and future plans of the Issuer and the management and board composition of the Issuer. Additionally, the Reporting Persons were granted observer rights with respect to meetings of the board of directors of the Issuer and the committees of the Issuer's board of directors, however, such rights do not include the right to vote at any such meetings. The Reporting Persons may change their plans or proposals in the future. Depending on various factors including, without limitation, the Issuer's financial position, strategic direction, business and prospects, anticipated future developments, existing and anticipated market conditions from time to time, actions taken by the management and board of directors of the Issuer, price levels of the Common Stock, general economic conditions and regulatory matters, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as it deems appropriate including, without limitation, purchasing additional Common Stock or other securities of the Issuer, selling some or all of their Common Stock or engaging in short selling of or any hedging or similar transaction with respect to the Common Stock, to the extent permitted under applicable law, or engage or participate in a transaction with the purpose or effect of changing or influencing the control of the Issuer. Any such transactions, if they occur at all, may take place at any time and without prior notice."

For more notable holders of Idenix Pharmaceuticals, Inc. stock click here. For more information on Baupost Group click here.


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