What Just Happened in StW?

Last 10 StW exits

Most recently: HZNP

What happened; what’s next

Our latest completed investment was in Horizon (HZNP). An antitrust challenge led to an extraordinary but temporary opportunity. With that challenge resolved, it is now merely an ordinary one. Amgen (AMGN) is buying Horizon for $116.50 in cash. The $1.19 net spread offers a 9% IRR if the deal closes in mid-October. It has secured approvals from Austria, Germany, France, Denmark, and Italy as well as the target’s shareholders. HSR has settled and awaits only formal clearance. Conditions —

Antitrust Approvals:

✔ HSR settled
✔ Austria FCA
✔ German FCO

Foreign Investment Approvals:

✔ France
✔ Denmark FCA
✔ Germany
✔ Italy

✔ Target vote approval

On to the next one. If you don’t want to miss it, then you’re welcome to join us.