Thursday, February 11, 2016

Updating: Merck Affiliates Now Hold Over 10 Per Cent -- Almost 31.6 Million Shares -- Of Newly Public BeiGene


US Merck updated its SEC Form 4 filing, to indicate that as of February 8, 2016, it had an additional 7.9 million shares, as a result of a note exchange it had entered into with BeiGene. Apparently, the other earlier share totals (from just this past Friday) were prior to the note exchange (those BeiGene final prospectus disclosures put Merck's 23.7 million shares of holdings at 7.7 per cent of then outstanding shares). Now Merck is certainly an over 10 per cent holder -- at 31.58 million shares. I'll wait for BeiGene's proxy to specify the new percentage of outstandings, as I don't have time here at the airport to sort out all the other "Green Shoes" granted in the IPO -- and which were exercised, and in what amounts.

In passing, I'll note that the post IPO trading price of BeiGene has declined a fair amount -- but at today's prices, the 31.58 million shares are worth. . . quite a bit more than Merck put in.

Onward -- and keep it spinning in good Karma over the Valentine's weekend!

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