Back in June, Aegerion Pharmaceuticals Inc. (NASDAQ:AEGR), Qlt Inc. and the latter’s subsidiary, Isotope Acquisition Corp., entered into an Agreement and Plan of Merger which would merge Aegerion Pharmaceuticals and Isotope Acquisition into one company, with the resulting company becoming an indirect subsidiary of QLT (which is scheduled to change its name to Novelion Therapeutics Inc). Soon after the finalization of the merger, and pursuant to the conditions of the Merger Agreement, Novelion shall add one person to its Board of Directors, as proposed by Aegerion Pharmaceuticals (NASDAQ:AEGR).
A newly-amended 13D filing with the SEC revealed that Kevin Kotler of Broadfin Capital will become a Director of Novelion upon the finalization of the Merger. The filing also showed that Broadfin Capital has raised its stake in Aegerion Pharmaceuticals (NASDAQ:AEGR) to 4.29 million shares, which represent 14.52% of the company’s outstanding stock. Previously, the fund held 4.01 million shares, as per its 13F filing for the reporting period of June 30.
As its name suggests, Aegerion Pharmaceuticals is a biopharmaceutical company that works on discovering and producing various therapeutics to help patients who suffer from rare illnesses. Year-to-date, the company’s stock is down by 82.48%. In its financial report for the June quarter, Aegerion Pharmaceuticals disclosed a loss per share of $0.72, worse than the estimates of a loss per share of $0.60, and revenue of $44.5 million, topping the estimates of $35.5 million.
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Out of the 749 hedge funds tracked by Insider Monkey which filed 13Fs for the June quarter, 13 were bullish on Aegerion Pharmaceuticals (NASDAQ:AEGR), down by one investor from the previous filing period. Among the investors who reported long positions in the company were Ken Griffin’s Citadel Investment Group, which held a position in bonds worth around $4.51 million, Andy Redleaf’s Whitebox Advisors, with a position valued at $2.23 million, Jim Simons’ Renaissance Technologies, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital.
Some of the investors who dumped Aegerion Pharmaceuticals (NASDAQ:AEGR) during the June quarter were Andre F. Perold’s HighVista Strategies, which dropped its position valued at $936,000 at the end of March, Dmitry Balyasny’s Balyasny Asset Management, which said goodbye to $141,000 worth of Aegerion Pharmcatucals’ shares, and Matthew Tewksbury’s Stevens Capital Management.
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You can access the original SEC filing by clicking here.
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Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Broadfin Capital | 0 | 4,286,291 | 0 | 4,286,291 | 14.52% | |
| Broadfin Healthcare Master Fund, Ltd | 0 | 4,286,291 | 0 | 4,286,291 | 14.52% | |
| Kevin Kotler | 0 | 4,286,291 | 0 | 4,286,291 | 14.52% |
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Page 1 of 10 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
| Aegerion Pharmaceuticals, Inc. |
| (Name of Issuer) |
| Common Stock, $0.001 par value |
| (Title of Class of Securities) |
| 00767E102 |
| (CUSIP Number) |
| Broadfin Capital, LLC 300 Park Avenue, 25th Floor New York, New York 10022 Telephone- (212) 808-2460 |
| (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
| September 9, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
| If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), 240.13d‑1(f) or 240.13d-1(g), check the following box [ ]. | |
| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent. | |
| * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. | |
| The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). |
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Page 2 of 10 – SEC Filing
| CUSIP No. | 00767E102 |
| 1. | NAME OF REPORTING PERSONS | |
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
| Broadfin Capital, LLC |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||
| (a) | [_] | ||
| (b) | [x] | ||
| 3. | SEC USE ONLY | |
| 4. | SOURCE OF FUNDS | |
| AF, WC |
| 5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [_] | |
| 6. | CITIZENSHIP OR PLACE OF ORGANIZATION | |
| Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | ||
| 7. | SOLE VOTING POWER | |
| 0 |
| 8. | SHARED VOTING POWER | |
| 4,286,291 |
| 9. | SOLE DISPOSITIVE POWER | |
| 0 | ||
| 10. | SHARES DISPOSITIVE POWER | [_] | |
| 4,286,291 | |||
| 11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING | |
| PERSON | ||
| 4,286,291 |
| 12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES | |
| CERTAIN SHARES* | ||
| 13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | |
| 14.52% |
| 14. | TYPE OF REPORTING PERSON | |
| OO | ||
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Page 3 of 10 – SEC Filing
| CUSIP No. | 00767E102 |
| 1. | NAME OF REPORTING PERSONS | |
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
| Broadfin Healthcare Master Fund, Ltd. |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||
| (a) | [_] | ||
| (b) | [x] | ||
| 3. | SEC USE ONLY | |
| 4. | SOURCE OF FUNDS | |
| AF, WC |
| 5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [_] | |
| 6. | CITIZENSHIP OR PLACE OF ORGANIZATION | |
| Cayman Islands |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | ||
| 7. | SOLE VOTING POWER | |
| 0 |
| 8. | SHARED VOTING POWER | |
| 4,286,291 |
| 9. | SOLE DISPOSITIVE POWER | |
| 0 | ||
| 10. | SHARES DISPOSITIVE POWER | [_] | |
| 4,286,291 | |||
| 11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING | |
| PERSON | ||
| 4,286,291 |
| 12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES | |
| CERTAIN SHARES* | ||
| 13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | |
| 14.52% |
| 14. | TYPE OF REPORTING PERSON | |
| OO | ||
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Page 4 of 10 – SEC Filing
| CUSIP No. | 00767E102 |
| 1. | NAME OF REPORTING PERSONS | |
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
| Kevin Kotler |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||
| (a) | [_] | ||
| (b) | [x] | ||
| 3. | SEC USE ONLY | |
| 4. | SOURCE OF FUNDS | |
| AF, WC |
| 5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [_] | |
| 6. | CITIZENSHIP OR PLACE OF ORGANIZATION | |
| United States of America |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | ||
| 7. | SOLE VOTING POWER | |
| 0 |
| 8. | SHARED VOTING POWER | |
| 4,286,291 |
| 9. | SOLE DISPOSITIVE POWER | |
| 0 | ||
| 10. | SHARES DISPOSITIVE POWER | [_] | |
| 4,286,291 | |||
| 11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING | |
| PERSON | ||
| 4,286,291 |
| 12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES | |
| CERTAIN SHARES* | ||
| 13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | |
| 14.52% |
| 14. | TYPE OF REPORTING PERSON | |
| IN | ||
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Page 5 of 10 – SEC Filing
| CUSIP No. | 00767E102 | ||
| Item 1. | Security and Issuer. |
| This statement on Schedule 13D (the “Schedule 13D”) relates to the Common Stock, $.001 par value (the “Common Stock”), of Aegerion Pharmaceuticals, Inc., a Delaware corporation with its principal executive offices located at One Main Street, Suite 800, Cambridge, Massachusetts 02142 (the “Issuer”). | ||
| Item 2. | Identity and Background. |
| (a)-(c), (f) | This Schedule 13D is being filed jointly by (i) Broadfin Capital, LLC, a Delaware limited liability company, (ii) Broadfin Healthcare Master Fund, Ltd., an exempted company incorporated and existing under the laws of the Cayman Islands, and (iii) Kevin Kotler, a United States citizen (collectively, the “Reporting Persons”). The principal business address of the Reporting Persons is 300 Park Avenue, 25th Floor, New York, New York 10022. Kevin Kotler is the managing member of Broadfin Capital, LLC, an investment management firm that serves as the investment manager to Broadfin Healthcare Master Fund, Ltd. The principal business of Broadfin Healthcare Master Fund, Ltd. is purchasing, holding and selling securities for investment purposes. |
| (d) | None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). | ||
| (e) | None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws. |
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Page 6 of 10 – SEC Filing
| Item 3. | Source and Amount of Funds or Other Consideration. |
| The funds for the purchase of the Shares beneficially owned by the Reporting Persons came from the working capital of Broadfin Healthcare Master Fund, Ltd. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes (including certain leverage arrangements) in the ordinary course of business. |
| Item 4. | Purpose of Transaction. |
| On June 14, 2016, the Issuer, QLT Inc., a corporation incorporated under the laws of British Columbia (“QLT”) and Isotope Acquisition Corp., a Delaware corporation and a wholly-owned indirect subsidiary of QLT (“MergerCo”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), which provides, among other things, that MergerCo will be merged with and into the Issuer (the “Merger”), with the Issuer surviving the Merger as a wholly-owned indirect subsidiary of QLT. It is anticipated that the name of QLT will be changed to “Novelion Therapeutics Inc” (“Novelion”). Under the terms of the Merger Agreement, upon the consummation of the Merger, the board of directors of Novelion will include one person designated by the Reporting Persons. Along with the execution of the Merger Agreement, certain of the Reporting Persons and QLT entered into a Voting Agreement (the “Voting Agreement”), pursuant to which, among other things, such Reporting Persons agreed not to dispose of their Shares while the Merger is pending and to vote their Shares in favor of the Merger at the applicable meeting of the Issuer’s shareholders. The Voting Agreement and the obligations of the Reporting Persons thereunder will terminate upon the earlier to occur of (a) the termination of the Merger Agreement pursuant to its terms, (b) the date of any material amendments, modifications, changes or waivers to any provision of the Merger Agreement, (c) the date on which either the QLT board of directors or the Issuer’s board of directors changes its recommendation of the Merger to its shareholders in accordance with the terms of the Merger Agreement, and (d) the date on which the Merger is consummated. Additionally, subject to the satisfaction or waiver of the conditions to closing the Merger, the Reporting Persons have agreed to participate in a private placement of QLT’s Shares immediately prior to the Merger closing. Pursuant to the Form S-4 filed by QLT on September 9, 2016, upon the consummation of the Merger, Kevin Kotler will become a director of Novelion. | ||||
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Page 7 of 10 – SEC Filing
| Item 5. | Interest in Securities of the Issuer. | |||
| (a)-(c) | As of the date hereof, Broadfin Capital, LLC, Broadfin Healthcare Master Fund, Ltd. and Kevin Kotler may be deemed to be the beneficial owner of 4,286,291 shares of Common Stock or 14.52% of the shares of the Common Stock of the Issuer, based upon the 29,514,448 shares of Common Stock outstanding as of August 3, 2016, according to the Form 10-Q filed by the Issuer on August 9, 2016. Each of Broadfin Capital, LLC, Broadfin Healthcare Master Fund, Ltd. and Kevin Kotler has the sole power to vote or direct the vote of 0 shares of Common Stock and the shared power to vote or direct the vote of 4,286,291 shares of Common Stock. Each of Broadfin Capital, LLC, Broadfin Healthcare Master Fund and Kevin Kotler has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared power to dispose or direct the disposition of 4,286,291 shares of Common Stock. Transactions in the Issuer in the last 60 Days is filed herewith as Exhibit B. The Reporting Persons specifically disclaim beneficial ownership in the shares of Common Stock reported herein except to the extent of their pecuniary interest therein. | |||
| Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect | ||
| to Securities of the Issuer. | |||
| Please see Item 4. | |||
| Item 7. | Material to be Filed as Exhibits. |
| An agreement relating to the filing of a joint statement as required by Rule 13d-1(f) under the Securities Exchange Act of 1934 is filed herewith as Exhibit A. Transactions in the Issuer in the last 60 Days is filed herewith as Exhibit B. A copy of the Voting Agreement, filed by the Issuer on June 17, 2016 as Exhibit 10.5 of the Form 425, and incorporated herein by reference. For a complete description of the Merger Agreement see the Form 8-K filed by the Issuer on June 15, 2016 (which includes a copy of the Merger Agreement filed as exhibit 2.1 thereto). A copy of the Consent of Kevin Kotler to serve as director, filed by QLT on September 12, 2016 as Exhibit 99.10 of the Form S-4, and incorporated herein by reference. | ||
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Page 8 of 10 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| September 12, 2016 | |
| (Date) |
| BROADFIN CAPITAL, LLC | ||
| By: | /s/ Kevin Kotler | |
| Kevin Kotler, Managing Member | ||
| KEVIN KOTLER | ||
| /s/ Kevin Kotler | ||
| BROADFIN HEALTHCARE MASTER FUND, LTD. | ||
| By: | /s/ Kevin Kotler | |
| Kevin Kotler, Director | ||
Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).
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Page 9 of 10 – SEC Filing
Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D Amendment, dated September 12, 2016, relating to the Common Stock par value $0.001 of Aegerion Pharmaceuticals, Inc. shall be filed on behalf of the undersigned.
September 12, 2016
————————-
————————-
(Date)
| BROADFIN CAPITAL, LLC | |
| By: | /s/ Kevin Kotler |
| Kevin Kotler, Managing Member | |
| KEVIN KOTLER | |
| /s/ Kevin Kotler | |
| BROADFIN HEALTHCARE MASTER FUND, LTD. | |
| By: | /s/ Kevin Kotler |
| Kevin Kotler, Director | |
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Page 10 of 10 – SEC Filing
Exhibit B
TRANSACTIONS IN THE ISSUER BY THE REPORTING PERSONS
DURING THE PAST SIXTY DAYS
| DATE | SECURITY | TRANSACTION | AMOUNT | PRICE |
| 09/09/2016 | Common Stock, $0.001 par value | Purchase | 100,000 | $1.595 |
| 09/12/2016 | Common Stock, $0.001 par value | Purchase | 100,000 | $1.696 |
| 09/12/2016 | Common Stock, $0.001 par value | Purchase | 76,000 | $1.7 |
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