Sam Isaly’s Orbimed Advisors disclosed holding a 33.5% stake in Relypsa Inc (NASDAQ:RLYP), a company which recently conducted its Initial Public Offering. The fund reported, in a new filing, owning over 9.9 million shares of Relypsa, the stake being activist by nature. At the current value of Relypsa’s stock, the value of Orbimed’s holding amounts to $176.7 million.
Relypsa Inc (NASDAQ:RLYP) went public in the middle of November, the company offered around 6.9 million shares, pricing them at $11 apiece. Underwriters also received an over-allotment option to acquire around 1.03 million shares. Net proceeds from the sale of shares amounted to nearly $78 million.
On November 20, Relypsa Inc (NASDAQ:RLYP) filed an 8-K report with the SEC. According to the filing, the company has restated several points regarding its incorporation, and the board, among other things authorized 300 million shares of common stock. Since the IPO, the stock of the company has gained over 55%.
According to the S-1 form of Relypsa Inc (NASDAQ:RLYP), Orbimed was the largest stockholder of the company prior to the IPO, and remained in its position after the company went public. The fund held around 7.5 million shares, plus warrants to purchase over 1.7 million shares, which in total deem the fund to ownership of 9.3 million shares, equal to 44% of the company. Following the IPO, Orbimed’s stake was reduced to 33.2%.
In the latest 13F, Orbimed Advisors reported its largest holding, which represents 4.8 million shares of Gilead Sciences, Inc. (NASDAQ:GILD), worth $300.4 million. The fund also disclosed holding 2.6 million shares of Amgen, Inc. (NASDAQ:AMGN), and 6.1 million shares of Merck & Co., Inc. (NYSE:MRK), among other holdings. The value of Amgen position amounts to $294.3 million, and Merck holding has a value of $289.3 million.