A newly-amended 13D filing with the US Securities and Exchange Commission revealed that Douglas Braunstein of Hudson Executive Capital has been appointed as chairman of the board of directors and chairman of the compensation committees of Eagle Pharmaceuticals Inc. (NASDAQ:EGRX). Douglas Braunstein and James Woolery’s Hudson Executive Capital owns 950,600 shares of Eagle Pharmaceuticals (NASDAQ:EGRX), which amass 6.1% of the company’s total outstanding stock.
Eagle Pharmaceuticals is a pharmaceutical company that works towards the discovery of injectable products that can help people suffering from various serious medical conditions. Over the past 12 months, the company’s stock has lost 45.14%. In its financial report for the first quarter of 2016, Eagle Pharmaceuticals (NASDAQ:EGRX) reported a loss per share of $0.06, beating the estimates of a loss per share of $0.44, while revenue of $29.6 million beat the estimates of $14.3 million. Last month, Mizuho downgraded its rating on Eagle Pharmaceuticals’ stock to ‘Neutral’ from ‘Buy’ and lowered its price target on it to $47.00 from $66.00. On the other hand, Royal Bank of Canada reiterated its ‘Buy’ rating on the stock and has a price target of $78.00 on it.
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As per Insider Monkey’s database, Eagle Pharmaceuticals (NASDAQ:EGRX) was in 14 hedge funds’ portfolios at the end of March, down from 16 funds at the end of December 2015. Among them, the biggest position as of March 31 was disclosed by Peter S. Park’s Park West Asset Management, valued at $59.6 million, while Mitchell Blutt’s Consonance Capital Management held the second-most valuable position, worth $28.1 million. Some other smart money investors long the stock were Bihua Chen’s Cormorant Asset Management, Steve Cohen’s Point72 Asset Management, and Joseph Edelman’s Perceptive Advisors.
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Among investors who are no longer optimistic about Eagle Pharmaceuticals Inc (NASDAQ:EGRX), having dropped their positions in the first quarter, were John Overdeck and David Siegel’s Two Sigma Advisors, which dumped a position worth around $3.2 million, and Richard Driehaus’ Driehaus Capital, which dumped $2.3 million worth of shares.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Hudson Executive Capital | 0 | 950,600 | 0 | 950,600 | 950,600 | EXCLUDES CERTAIN SHARES 6.1% |
| Douglas L. Braunstein | 0 | 950,600 | 0 | 950,600 | 950,600 | EXCLUDES CERTAIN SHARES 6.1% |
| James C. Woolery | 0 | 950,600 | 0 | 950,600 | 950,600 | EXCLUDES CERTAIN SHARES 6.1% |
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Page 1 of 7 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
| Eagle Pharmaceuticals, Inc. |
| (Name of Issuer) |
| Common Stock, par value $0.001 per share |
| (Title of Class of Securities) |
| 269796108 |
| (CUSIP Number) |
John F. Brown
Hudson Executive Capital LP
1185 Avenue of the Americas, 32nd Floor
New York, NY 10036
with a copy to:
David A. Vaughan
Dechert LLP
1095 Avenue of the Americas
New York, NY 10036
| (Name, Address and Telephone Number of Person |
| Authorized to Receive Notices and Communications) |
| July 5, 2016 |
| (Date of Event Which Requires Filing of This Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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Page 2 of 7 – SEC Filing
| CUSIP No. 269796108 | SCHEDULE 13D | Page 2 of 6 Pages |
| 1 | NAMES OF REPORTING PERSON Hudson Executive Capital LP | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ (b) ☐ |
| 3 | SEC USE ONLY | |
| 4 | SOURCE OF FUNDS AF | |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | ☐ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 |
| 8 | SHARED VOTING POWER 950,600 | |
| 9 | SOLE DISPOSITIVE POWER 0 | |
| 10 | SHARED DISPOSITIVE POWER 950,600 |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 950,600 |
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
| 6.1%(1) | |
| 14 | TYPE OF REPORTING PERSON |
| PN, IA |
_______________________________
(1) Calculated based on 15,636,387 shares of common stock, par value $0.001 per share, of Eagle Pharmaceuticals, Inc., outstanding as of May 3, 2016, as reported in Eagle Pharmaceuticals, Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2016.
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Page 3 of 7 – SEC Filing
| CUSIP No. 269796108 | SCHEDULE 13D | Page 3 of 6 Pages |
| 1 | NAMES OF REPORTING PERSON Douglas L. Braunstein | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ (b) ☐ |
| 3 | SEC USE ONLY | |
| 4 | SOURCE OF FUNDS AF | |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | ☐ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 |
| 8 | SHARED VOTING POWER 950,600 | |
| 9 | SOLE DISPOSITIVE POWER 0 | |
| 10 | SHARED DISPOSITIVE POWER 950,600 |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 950,600 |
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
| 6.1%(2) | |
| 14 | TYPE OF REPORTING PERSON |
| IN |
_______________________________
(2) Calculated based on 15,636,387 shares of common stock, par value $0.001 per share, of Eagle Pharmaceuticals, Inc., outstanding as of May 3, 2016, as reported in Eagle Pharmaceuticals, Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2016.
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Page 4 of 7 – SEC Filing
| CUSIP No. 269796108 | SCHEDULE 13D | Page 4 of 6 Pages |
| 1 | NAMES OF REPORTING PERSON James C. Woolery | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ (b) ☐ |
| 3 | SEC USE ONLY | |
| 4 | SOURCE OF FUNDS AF | |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | ☐ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 |
| 8 | SHARED VOTING POWER 950,600 | |
| 9 | SOLE DISPOSITIVE POWER 0 | |
| 10 | SHARED DISPOSITIVE POWER 950,600 |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 950,600 |
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
| 6.1%(3) | |
| 14 | TYPE OF REPORTING PERSON |
| IN |
_______________________________
(3) Calculated based on 15,636,387 shares of common stock, par value $0.001 per share, of Eagle Pharmaceuticals, Inc., outstanding as of May 3, 2016, as reported in Eagle Pharmaceuticals, Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2016.
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Page 5 of 7 – SEC Filing
| CUSIP No. 269796108 | SCHEDULE 13D | Page 5 of 6 Pages |
ITEM 1. SECURITY AND ISSUER
This first amendment to Schedule 13D (“Amendment No. 1”) relates to the Common Stock, par value $0.001 per share (the “Shares”), of Eagle Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and supplements the information set forth in Schedule 13D filed on June 27, 2016 (the “Original Schedule 13D” and together with this Amendment No. 1, the “Schedule 13D”). This Amendment No. 1 is being filed to report, among other things, that pursuant to an agreement with the Company described herein, Mr. Braunstein has joined the Board of the Company. Item 4, Item 6 and Item 7 of Schedule 13D have been amended as follows:
ITEM 4. PURPOSE OF TRANSACTION
On July 5, 2016, Mr. Braunstein became a director of the Company.
The Reporting Persons intend to review their respective investment in the Company on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Company’s financial position and strategic direction, actions taken by the Board, price levels of the Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may from time to time and at any time in the future take such actions with respect to the investment in the Company as they deem appropriate, including: (i) acquiring additional Shares and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of the Shares or the Company (collectively, “Securities”) of the Company in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or (iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D. In connection with his position as a director of the Company, Mr. Braunstein may evaluate or consider matters set forth in subsections (a) through (j) of Item 4 of Schedule 13D.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
On July 5, 2016, Mr. Braunstein accepted an invitation from the Company to become a director of the Board. In addition, Mr. Braunstein will serve as a member of the compensation committee of the Board.
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Page 6 of 7 – SEC Filing
| CUSIP No. 269796108 | SCHEDULE 13D | Page 6 of 6 Pages |
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
| Exhibit 1 | Company Press Release Announcing the Appointment of Directors (incorporated by reference to Item 5.02 to the Current Report on Form 8-K of Eagle Pharmaceuticals, Inc., filed July 5, 2016). |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: July 5, 2016
| HUDSON EXECUTIVE CAPITAL LP | ||||
| By: HEC Management GP, LLC, its general partner | ||||
| By: | /s/ Douglas L. Braunstein* | |||
| Name: Douglas L. Braunstein | ||||
| Title: Managing Member | ||||
| DOUGLAS L. BRAUNSTEIN | ||||
| By: | /s/ Douglas L. Braunstein* | |||
| Douglas L. Braunstein | ||||
| JAMES C. WOOLERY | ||||
| By: | /s/ James C. Woolery* | |||
| James C. Woolery | ||||
* by John F. Brown, attorney-in-fact
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Page 7 of 7 – SEC Filing
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