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Biotech / Medical : Munch-a-Biotech Today

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From: tuck12/31/2019 3:19:47 PM
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ALXN munching ACHN: Announced in October. $6.30 in cash plus two CRVs. Companies to file HSR documents within a month. Trading at at ~4% discount to offering price assuming no value to CRV's (which seems incorrect, but payoff is a ways out). Any guesses on deal closure date and probability? I would guess the deal closes with the first half, potentially yielding what should be a pretty safe 10% or so annualized. I feel odds of the deal being scuppered by HSR concerns are low, but the discount is there for some reason. FWIW, I've traded in and out a few times lately, but am now building a bigger position with the shoes in the very low $6s. Other opinions welcome.

Cheers, Tuck
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