In QuotedData’s morning briefing for 17 April 2023:
- RTW Venture Fund (RTW) has announced that its largest holding, Prometheus Biosciences (equal to c14.8% of RTW’s NAV) has been acquired by Merck for $200 per share, a 75% premium to its prior closing price. This would value Prometheus at c.$10.8bn. Prometheus is a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialisation of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases. [I was talking about this phenomenom in our presentation at Masterinvestor – querying why RTW was trading on a wide discount when its NAV has been doing well and takeover activity in the biotech sector has been picking up (JC).]
- NB Distressed Debt Investment Fund has announced $8.15m in further capital distributions for Extended Life (NBDX), equivalent to approximately $0.1356 per NBDX share, and £2.17m for the New Global (NBDG) share classes, equivalent to approximately $0.1356 per NBDX share. The distributions are the result of the cash generated by the successful restructuring of the Buffalo Thunder notes.
- Infrastructure India (IIP) has announced both an $8m increase to its lending facility, bringing it up to $119m, as well as its engagement in discussions with several third parties regarding the potential sale of its largest asset, Distribution Logistics Infrastructure Limited, although no definitive agreements have been signed. [I also talked at Masterinvestor about the dangers of thinking that this stock was cheap – I think there is a serious risk of the company becoming insolvent (JC).]