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Broadfin Capital Boosts Stake in Horizon Pharma, Adds Alliqua to Its Equity Portfolio

In two newly amended filings with the SEC, Kevin Kotler‘s Broadfin Capital disclosed moves into Horizon Pharma Inc (NASDAQ:HZNP), and Alliqua Inc (OTCMKTS:ALQAD). The fund reported boosting its stake in Horizon Pharma to some 3.9 million shares, from 1.9 million mentioned in the latest 13F. The stake revealed by Broadfin is passive by nature and amasses 5.9% of the company’s outstanding stock.

Kevin Kotler

The stock of Horizon Pharma has been up by over 190% since the beginning of the year. In a recent 8-K form filed with the SEC, Horizon Pharma announced about completing the acquisition process of Vimovo, previously owned by AstraZeneca plc (ADR) (NYSE:AZN). The company purchased the U.S. rights for the product, as well as rights to develop similar products on the territory of the United States. AstraZeneca will keep the rights for the drug outside the U.S.

The company recently completed a offer, under the terms of which it issued $150 million worth of 5.0% convertible senior notes due 2018. For 2014, Horizon expects revenues between $190 and $205 million.

In Alliqua, Broadfin revealed holding 774,400 shares, which are equal to around 7.8% of the common stock. Since the company has not been included in the fund’s latest 13F, it is a new position in Kevin Kotler’s hedge fund’s equity portfolio. The stake is passive by nature and has a value of $6.1 million. Alliqua’s stock has experienced a significant boost, surging by over a whooping 15,000% since the beginning of the year. The stock started to gain more value around a month ago, the return topping 9,000% since the end of October. However, over the past five years, the stock of the company declined by around 50%.

The company recently conducted a reverse stock split, following which 43.75 shares of the common stock have been combined into a new share of common stock. Also, over a week ago, Alliqua signed a agreement with a subsidiary of  Celgene Corporation (NASDAQ:CELG), under the terms of which Alliqua received the rights to produce and sell Celgene’s wound care products Biovance and Extracellular Matrix.

Disclosure: none

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