Blueprint Medicines Merger Arb
Back in the merger arb game by picking up some Blueprint
Medicines (~ 7% position), which is being acquired by Sanofi for $129 in cash
plus a cvr of up to $6.00. The stock is currently trading at ~ $127.79, which
gives you an annualized returnn of 5 – 6%. Not great in terms of annualized
return, but I am playing this for the free cvr. I’m modeling this deal to
close at the end of July. I don’t see any regulatory issues.
Regulatory / Closing Timeline (updated based on the tender offer filing):
1) US - HSR filed on 6/9, waiting period expires on 7/9
2) Australian Federal Cartel Act filed on 6/10, waiting period expires by 7/8
3) Germany Federal Cartel Office filed on 6/10, clearance by 7/10.
4) Italy filed for foreign notification on 6/9 with an anticipated review within 45 days.
5) Tender Offer expires on 7/16.