Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.</li><li>The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.</li><li>Shareholder approval is likely due to FBIO's control and Armistice Capital's support, with a 66% premium over pre-announcement levels.</li></ul>

Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.Shareholder approval is likely due to FBIO's control and Armistice Capital's support, with a 66% premium over pre-announcement levels.

Sun Pharma's Acquisition of Checkpoint Therapeutics: Analyzing the CVR Payout Potential and Strategic Implications

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Trump’s pick for CDC director, former Congressman Dave Weldon, had his nomination withdrawn just hours before the Senate committee hearing.</li><li>Weldon lacked sufficient support from Republicans to clear the committee, as he adhered to his anti-vaccine views more strongly than RFK Jr.</li><li>While vaccine makers (PFE, MRNA, BNTX, NVAX) rebounded briefly on the news, other federal actions kept the space under pressure, including the termination of NIH grants for research on vaccine hesitancy and uptake. </li></ul>

Trump’s pick for CDC director, former Congressman Dave Weldon, had his nomination withdrawn just hours before the Senate committee hearing.Weldon lacked sufficient support from Republicans to clear the committee, as he adhered to his anti-vaccine views more strongly than RFK Jr.While vaccine makers (PFE, MRNA, BNTX, NVAX) rebounded briefly on the news, other federal actions kept the space under pressure, including the termination of NIH grants for research on vaccine hesitancy and uptake. 

Biopharma Week in Review - March 17, 2025

United States

Fortress Biotech, Inc. is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. The Company will provide funding and management services to each of the Fortress Companies, and will seek licensing, partnerships, joint ventures and/or public and and private financing for research and development support.

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