Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>Nektar Therapeutics trades at 50% of its cash, with potential upside from its atopic dermatitis treatment and Dapirolizumab royalties.</li><li>Rezpegaldesleukin's re-analyzed EASI75 delta is 21%, potentially increasing to 43% due to data anomalies.</li><li>NKTR's litigation against Eli Lilly for data misanalysis could result in substantial compensation if settled.</li></ul>

Nektar Therapeutics trades at 50% of its cash, with potential upside from its atopic dermatitis treatment and Dapirolizumab royalties.Rezpegaldesleukin's re-analyzed EASI75 delta is 21%, potentially increasing to 43% due to data anomalies.NKTR's litigation against Eli Lilly for data misanalysis could result in substantial compensation if settled.

Nektar Therapeutics: Potential Blockbuster Drug and Mispricing Amidst Re-Analyzed Data and Legal Dispute with Lilly

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.</li><li>NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.</li><li>Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puretech-health-plc" target="_blank" data-smartkarma-citation="entities:22096:1" rel="noopener">PureTech Health (PRTC LN)</a> has confirmed its possible merger with <a href="https://www.smartkarma.com/entities/nektar-therapeutics" target="_blank" data-smartkarma-citation="entities:15060:1" rel="noopener">Nektar Therapeutics (NKTR US)</a>. Uncertainty regarding the actual offer has caused volatility to PureTech shares.</li>
<li>Nektar will be required, by not later than November 3, 2022, to announce a firm intention to make an offer for the company.</li>
<li>Nektar faced a big setback in its lead pipeline assets and is going through tight financial condition. We are not expecting a lucrative takeover offer for PureTech.</li>
</ul>



PureTech Health (PRTC LN) has confirmed its possible merger with Nektar Therapeutics (NKTR US). Uncertainty regarding the actual offer has caused volatility to PureTech shares.
Nektar will be required, by not later than November 3, 2022, to announce a firm intention to make an offer for the company.
Nektar faced a big setback in its lead pipeline assets and is going through tight financial condition. We are not expecting a lucrative takeover offer for PureTech.


PureTech Health (PRTC LN): Possible Combination with Nektar Is Just a Defensive Move

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nektar-therapeutics" target="_blank" data-smartkarma-citation="entities:15060:1" rel="noopener">Nektar Therapeutics (NKTR US)</a> is a global biopharmaceutical company, with major focus on immune-oncology. Its lead candidate bempeg is the near-term growth engine for the company.</li>
<li>On December 6, Nektar presented favorable results for Bempeg plus Keytruda in patients with non-small-cell lung cancer. Bempeg is poised for getting approvals for multiple indications during 2023–2025.</li>
<li>Clinical trial progress of other late-stage programs remains long-term growth driver for Nektar. Buyout deal at a premium presents another upside opportunity for Nektar.</li>
</ul>



Nektar Therapeutics (NKTR US) is a global biopharmaceutical company, with major focus on immune-oncology. Its lead candidate bempeg is the near-term growth engine for the company.
On December 6, Nektar presented favorable results for Bempeg plus Keytruda in patients with non-small-cell lung cancer. Bempeg is poised for getting approvals for multiple indications during 2023–2025.
Clinical trial progress of other late-stage programs remains long-term growth driver for Nektar. Buyout deal at a premium presents another upside opportunity for Nektar.


Nektar Therapeutics (NKTR US): A Good Buying Option in Immuno-Oncology Therapeutic Area

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Factset Research Systems Inc / Index Rebalance

<ul>
<li>There are 3 stocks migrating from the S&amp;P500 to the S&amp;P400 and vice versa and another 3 stocks migrating from the S&amp;P600 to the S&amp;P400 and vice versa.</li>
<li>The impact of changes in the number of index shares for quite a few index constituents and the funding trade take the one-way trade size to US$18.5bn.</li>
<li>There appear to be pre-positions on some of the stocks. While the flow is large on many stocks, there are only a few that have over 2 days of ADV.</li>
</ul>


There are 3 stocks migrating from the S&amp;P500 to the S&amp;P400 and vice versa and another 3 stocks migrating from the S&amp;P600 to the S&amp;P400 and vice versa.
The impact of changes in the number of index shares for quite a few index constituents and the funding trade take the one-way trade size to US$18.5bn.
There appear to be pre-positions on some of the stocks. While the flow is large on many stocks, there are only a few that have over 2 days of ADV.


S&P500 Index Rebalance: Migrations Across the Indices

United States

Nektar Therapeutics is a clinical-stage biopharmaceutical company which develops a pipeline of drug candidates that utilize company platforms.  The Company's product pipeline is comprised of early to late stage drug candidates across a number of therapeutic areas including oncology, pain, anti-infectives, anti-viral and immunology.

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Nektar Therapeutics (NKTR US)

Nektar Therapeutics: Potential Blockbuster Drug and Mispricing Amidst Re-Analyzed Data and Legal Dispute with Lilly

Nektar Therapeutics trades at 50% of its cash, with potential upside from its atopic dermatitis treatment and Dapirolizumab royalties.

Special Situation Investments

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.

Special Situation Investments

PureTech Health (PRTC LN): Possible Combination with Nektar Is Just a Defensive Move

Puretech shares gained ~20% since my bullish insight on the company on May 31. Investors should book profit amid uncertainty regarding possibility...

Tina Banerjee