Adage Capital Built a New Position in $ADLR

Adage Capital filed on November 16th for its new position in Adolor Corp (ADLR). The SEC 13G filing shows the firm now takes 2.34 million shares in ADLR, corresponding to a 5.03% passive stake ownership. Adage Capital did not have any share in ADLR before, and the firm passed the 5% ownership threshold on November 7th. ADLR skyrocketed on October 24th when Cubist Pharmaceuticals (CBST) signed a definitive agreement to acquire ADLR for $4.25 per shares in cash. Now ADLR has returned nearly 290% since January, and is trading at $4.72 now.

Phill Gross

Other seven hedge funds in our list were bullish about ADLR in the second quarter. Julian Baker And Felix Baker’s Baker Bros. Advisors had the most among the hedge funds, with 6.95 million shares. Jim Simons’ Renaissance Technologies had 2.30 million shares, slightly down by 2% from Q1.

Adage Capital was founded by Phillip Gross in 2001 and is based in Boston. The firm focuses on managing asset for endowments and foundations, including Harvard University, Northwestern University, Dartmouth College.

Per Yahoo! Finance, Adolor Corporation is a biopharmaceutical company engaging “in the discovery, development, and commercialization of novel prescription pain and pain management products.” The company offers ENTEREG (alvimopan), and also a various product candidates in clinical development comprising peripherally-acting mu opioid receptor antagonists ADL5945, ADL6906 (beloxepin). “Its preclinical products include centrally-acting mu opioid receptor antagonists for the treatment of l-DOPA-induced dyskinesia associated with the management of Parkinsons disease.” The company markets its products mainly to wholesale drug distributors. Adolor Corporation was founded in 1993 and is based in Exton, Pennsylvania.

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