According to a recent 13G filing with the Securities and Exchange Commission, Matthew Halbower‘s Pentwater Capital has acquired 3.53 million shares of Tobira Therapeutics Inc. (NASDAQ:TBRA), which amass 18.77% of the company’s outstanding stock. The acquisition represents a new addition to Pentwater Capital’s portfolio.
Tobira Therapeutics, previously known under the name Regado Biosciences, is a clinical-stage biopharmaceutical company engaged in the production of therapeutics for treating HIV, liver disease, and inflammation fibrosis. Recently, the company reached a final agreement with Allergan plc (NYSE:AGN), upon which Allergan will acquire Tobira for a total of $1.7 billion. Over the past 12 months, Tobira’s stock has gained 191.08%. For the second quarter of 2015, the company reported a loss per share of $0.71 and a net loss of $13.3 million, compared to a loss per share of $0.99 and a net loss of $11 million for the corresponding period of the previous year. Earlier this month, Mizuho reiterated its ‘Buy’ rating on Tobira’s stock with a price target of $305, while Cantor Fitzgerald downgraded its rating to ‘Hold’ from ‘Buy’.
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Seven of the hedge funds that we track were long Tobira Therapeutics Inc. (NASDAQ:TBRA) at the end of June, down from nine at the end of March. Those who sold out of the stock are surely kicking themselves, as it’s gained over 200% since the end of June. Those lucky funds which did hold on to their shares included Mark Lampert‘s Biotechnology Value Fund, with a position valued at $15.74 million, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Israel Englander’s Millennium Management.
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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 |
---|---|---|---|---|---|---|
PWCM Master Fund Ltd | 3,533,200 | 7 | 3,533,200 | 9 | 3,533,200 | (1) 18.77% |
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Page 1 of 6 – SEC Filing
TobiraTherapeutics, Inc. |
(Name of Issuer) |
Common Stock, $0.001 par value |
(Title of Class of Securities) |
88883P101 |
(CUSIP Number) |
September 20, 2016 |
(Date of Event Which Requires Filing of this Statement) |
☑ | Rule 13d-1(b) |
☐ | Rule 13d-1(c) |
☐ | Rule 13d-1(d) |
* | 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. |
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Page 2 of 6 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
I.R.S. IDENTIFICATION NO OF ABOVE PERSONS (ENTITIES ONLY) | |||||
Pentwater Capital Management LP | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||||
(a)☐ | |||||
(b)☐ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware USA | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |||
3,533,200 | |||||
6 | SHARED VOTING POWER | ||||
7 | SOLE DISPOSITIVE POWER | ||||
3,533,200 | |||||
8 | SHARED DISPOSITIVE POWER | ||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
3,533,200 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* | ||||
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
(1) 18.77% | |||||
12 | TYPE OF REPORTING PERSON* | ||||
IA | |||||
(1) | The percentage reported is based on 18,821,231 shares of Common Stock, par value $0.001 per share outstanding. |
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Page 3 of 6 – SEC Filing
1 | NAMES OF REPORTING PERSONS | ||||
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
PWCM Master Fund Ltd. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a)☐ | |||||
(b)☐ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Cayman Islands | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |||
6 | SHARED VOTING POWER | ||||
7 | SOLE DISPOSITIVE POWER | ||||
8 | SHARED DISPOSITIVE POWER | ||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
1,764,901 | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
(1) 9.38% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
OO | |||||
(1) | The percentage reported is based on 18,821,231 shares of Common Stock, par value $0.001 per share outstanding. |
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Page 4 of 6 – SEC Filing
Item 1(a). | Name of Issuer: Tobira Therapeutics, Inc |
Item 1(b). | Address of Issuer’s Principal Executive Offices: 701 Gateway Boulevard, Suite 300 South San Francisco, CA 94080 |
Item 2(a). | Name of Person Filing: Pentwater Capital Management, LP |
Item 2(b). | Address of Principal Business Office, or if None, Residence: 614 Davis Street Evanston, IL 60201 |
Item 2(c). | Citizenship: Delaware, USA |
Item 2(d). | Title of Class of Securities: Common Stock, $0.001 par value |
Item 2(e). | CUSIP Number: 88883P101 |
Item 3. | If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: |
(a) | ☐ | Broker or dealer registered under Section 15 of the Exchange Act. | |
(b) | ☐ | Bank as defined in Section 3(a)(6) of the Exchange Act. | |
(c) | ☐ | Insurance company as defined in Section 3(a)(19) of the Exchange Act. | |
(d) | ☐ | Investment company registered under Section 8 of the Investment Company Act. | |
(e) | ☑ | An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); | |
(f) | ☐ | An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); | |
(g) | ☐ | A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); | |
(h) | ☐ | A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; | |
(i) | ☐ | A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; | |
(j) | ☐ | Group, in accordance with |
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Page 5 of 6 – SEC Filing
Item 4. | Ownership. |
(a) | Amount beneficially owned: 3,533,200 |
(b) | Percent of class: 18.77% |
(c) | Number of shares as to which such person has: |
(i) | Sole power to vote or to direct the vote 3,533,200 |
(ii) | Shared power to vote or to direct the vote |
(iii) | Sole power to dispose or to direct the disposition of 3,533,200 |
(iv) | Shared power to dispose or to direct the disposition of |
Item 5. | Ownership of Five Percent or Less of a Class. |
Item 6. | Ownership of More Than Five Percent on Behalf of Another Person. N/A |
Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. PWCM Master Fund Ltd. |
Item 8. | Identification and Classification of Members of the Group. N/A |
Item 9. | Notice of Dissolution of Group. N/A |
Item 10. | Certifications. |
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Page 6 of 6 – SEC Filing
September 22, 2016 | |
(Date) | |
/s/ Neal Nenadovic | |
(Signature) | |
Neal Nenadovic/Chief Financial Officer | |
(Name/Title) |