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Think some are shortsighted and don’t realize extent of potential machinations. Read me out...(figures rounded, calculations may vary a little).
From Jan. 2014 (Baupost initial purchase) to date, KERX O/S from 90M to 160M shares fully converted, some 70M shares issued. But get this, ALL PLACED WITH BAUPOST with exception of some +/- 13 million shares, allowing for proceeds of some $550 million spent to bring company and Auryxia to TURN-KEY READY status — i.e. clinicals, FDA/EU approvals, all groundwork, payor coverage, marketing/sales, offices, execs, EVERYTHING!!!
Baupost financing nearly ALL $550 million is potentially VERY TELLING — potentially telling that “a plan”, by design, might in fact have been put in place 4+ years ago with Baupost as one of or THE principal “architect”, THE Big Kahuna behind KER,since Jan. 2014. Think about it, why has Baupost been the SOLE OUTFIT financing KERX since Jan. 2014? — and why Baupost as SOLE OUTFIT precisely following Director Daniel Regan, ex Sanofi/Genzyme, who joined KERX as Director end of 2013, followed by Madison ex Sanofi/Genzyme.
(Will get back to 70 million share issuance and $550 million spent as it relates to KERX/AKBA merger
and .3743 conversion ratio swindle).
Now, who brought Butler to KERX as BOD Chairman in Dec. 2015? — yep, you guessed it, Baupost. And Butler? — yep, you guessed it, ex Sanofi/Genzyme. (Btw, Director Mark Enyedy ex Sanofi/Genzyme, John Neylan ex Sanofi/Genzyme, Brian Adams ex Sanofi/Genzyme). So, here’s a question — why so many ex- Sanofi/Genzyme’s at KERX? Will get back to this.
So, Baupost brings Butler to KERX as BOD Chairman in Dec. 2015. In June 2017, 1 1/2 years later, Butler signs with Vifor Fresenius (VF), then 4 months later, in Oct. 2017, Butler resigns as KERX BOD Chairman. The following month, Black Tuesday, Nov. 7, 2017, IDA approval coincides exactly with day of 3Q2017 results cc with BS guidance withdrawal and BS failure to meet RAISED guidance from prior 2Q2017 cc — an already artificially depressed pps gets shot down further from $6s to $4s, then held “hostage”, all coinciding with tax loss selling, etc. But guess what, Butler wasn’t there, no longer Chairman, had resigned a month prior — so no blame on Butler, clean as a whistle vis a vis what transpired on Black Tuesday and what has transpired since (ahem ahem ahem). Some 5 months later following Black Tuesday, on April 30, 2018, Madison suddenly and abruptly resigns, NO explanation. Couple months later, following Madison’s sudden/abrupt/no explanation exit, Butler re-surfaces out of nowhere with AKBA merger. CMON! folks, sequence of events raises too many questions, TOO MANY RED FLAGS— this seems ALL calculated, “a plan”, by design, a scheme, dating back YEARS, IMO.
So, back to ex Sanofi/Genzyme Directors/execs at KERX, why so many? Is it because of their prior expertise in Sanofi’s renal franchise? — can’t be, ZERO results. Was it to sorta lead us to believe a Sanofi play in cards all along, for YEARS? Yet Butler, signed with VF? OR, is Sanofi the real suitor behind (replace Renvela, re-enginner its renal franchise) and somehow the AKBA/VF agreement will be superseded i.e. an “out clause” — Butler made an offer he couldn’t refuse?
who resigned from KERX, then Madison resigns — then Butler, out of “nowhere”, re-surfaces with AKBA merger??? (remember, Butler Baupost’s guy since BOD Chaiman 11/2 year ago).
So you have ex Sanofi/Genzyme execs/Directors at KERX, Butler in and out of KERX as BOD Chairman, Fresenius attempts to shoot down IDA approval, begs the question —all a decoy to lure us into thinking Sanofi play when all along it was really a Vifor Fresenius play — OR??
Let’s think about this. Why did Butler resign after 1 1/2 years as Chairman BOD? This was just 8 months ago (like Madison, suddenly and with no explanation given) and, months prior to resignation, Butler signs with VF leading to believe that something went sour — either between Butler and Madison or with Sanofi since VF a fierce competitor of Sanofi in renal. Why was Madison’s sudden resignation followed by Butler merger couple months later? Here’s what I’m getting at — ALL seems orchestrated, and Madison “payed to play”, millions, and other ex Sanofi/Genzyme i.e. Director Regan doing well for 41/2 years, Neylan doing well, Adams did well — i.e. hefty compensation/free stock/stock options.
Now, back to 70M shares issued since Jan. 2014, taking KERX to 160M O/S, generating proceeds of some $550 million which has been employed to take KERX to turn-key ready status — as it relates to KERX/AKBA merger and .3743 conversion ratio representing a SWINDLE for the history books. So, here’s the “a plan”, by design, put in place some 4+ years go, hypothetical.
Folks!!! — KERX driven to 160M O/S over 4-year period with proceeds of some $550 million to pay taking company/Auryxia to turn-key ready status as we speak. During same period, AKBA driven to only 57M million O/S. Now, via merger machination, , they “disappear”/SWINDLE some 100M KERX shares (62.5% of 160M O/S) thru .3743 criminal conversion ratio, leaving 60M KERX shares (37.5%) to be exchanged for 60M AKBA shares sort of speak. So AKBA issues 60M shares bringing AKBA’s O/S to 117M shares PLUS additional free shares awarded in transaction to Baupost etc. In transaction, YOU, ME, all OTHER common investors get swindled out of 62.5% of our shares, AND, we have yet to make a dime. KERX “crooks”, also get their holdings reduced by 62.5% — BUT, the “crooks”, have 4 1/2 years of massive short profits under their crooked belts, potentially, having recouped their investment, riding free shares, and maybe even in the green.
MIND YOU, our company and its first-in-class blockbuster potential drug Auryxia get gobbled-up, “stolen”, by simply issuing 60M AKBA shares, an ALL PAPER transaction, just paper folks, not a single $1 paid. Yes, AKBA O/S increases from $57M to 117M million plus but, SO WHAT, the “crooks” from both companies, potentially in collusion dating back years, have played and will continue to play short via AKBA and make another killing on the long side when all is said and done — i.e. merged company gets acquired by Big Pharma.
Now, here’s the kicker, hypothetically. AKBA driven to 117M O/S plus with proposed merger, while RMTI sits at, take a guess, check it out, only 52M O/S. So, next up, how bout a merger transaction, with a similar criminal conversion ratio, between merged KERX/AKBA and RMTI? Btw, the merged KERX/AKBA company will operate under the name Akebia, you know, disappear the KERX name and company completely and bury all the crookery of the past.
Folks, the hypothetical has been on target all along, only change, SEEMINGLY, Sanofi became VF, or did it? — and hypo called for a KERX/RMTI merger in May-June 2018, well it happened, but with AKBA — but, as mentioned, RMTI most definitely in the cards.
Bottom line, we are being swindled out of 62.5% of out KERX holdings via a proposed merger. Folks, that represents 100M shares as a company, vanished — AGAIN, that’s 100M shares which equate to 62.5% of $550 million in proceeds ($344 million) that was used to develop the company and Auryxia to turn-key ready status. $344 million “stolen” via a ALL paper transaction, that’s all it is. And the 100M shares worth way more than just $344 million if you value thise shares at minimum $10/share which is what they’re worth — that’s $1 BILLION, vanished. A heist of epic proportions.
FOLKS!!! — this is not right. Common shareholders need to fight andvput-up resistance to this monumental heist by raising their voices, coming together and seeking legal advice/counsel, going to the press, bringing-in a shareholder protection advocacy organization, contacting representives/Senators, whatever it takes.
Again, THIS IS NOT RIGHT! Many unsuspecting investors and their monies their monies invested in this company are and have used and abused for YEARS — as a result of bamboozling potential criminal behaviour, and now, a proposed merger intends to steal 62.5% of shareholder holdings. AND, as it turns out, Auryxia an award winning blockbuster potential drug compound with pristine clinical results and a multi-billion addressable market.
This is unfknbelievable!
@Michelle Yes, looking at Weiss Law as an option. We need legal advice/counsel from an outfit with heavy “muscles”.
ALL ABOVE, IN MY OPINION, AS ALWAYS — HYPOTHETICAL
what am i missing here?
Ok so the analysts have the stock much more valuable... whatever, if i had a nickel for every trade i made based on analysts i'd have more than i have now.
regardless, the proposal is for what? approx. 37 shares of Akebia per 100 owned of kerx right? so... if the price of kerx keeps along it's path of ~3.30 - ~3.50 and akba sits around ~10 well... even if the price of kerx raises to 3.75 it's still a breakeven at worst and correct me if i'm wrong but akebia's price should increase once the merger/acq. if finalized...
I'm just not seeing the 60%+ rip off everyone is talking about.. it's based on a pie in the sky number that kerx hasn't seen in what? almost a year?
Someone tell me something I don't know... that's not based on the idiot analysts please....
Poster Dick writes in his last post on Yhoo board which includes a GIF (see below this post/link on Yhoo board)...
“HONESTLY, KERYX;S MANAGEMENT AND BOD ARE SO CORRUPT THEY MAY HAVE INTENTIONALLY TRIED TO SINK SCRIPT GROWTH.”
________________________
@Dick Been saying for years that Auryxia sales development was, seemingly, purposely held back, by design, resulting in $92.8 million in 2015, 2016, 2017 combined, what Renvela was selling in some 5 weeks not 3 years which, no matter how you cut it, is outrageous and nearly impossible to reconcile — IMO.
Potentially, reason for fudged launch, slow and inadequate sales force development, late hiring of VP Sales Tony Chambers who was running sales creating a hostile environment resulting in high turnover and low morale throughout, detested by by most sales force, and quietly resigned with company not communicsting (it was poster Anfuhrermitwut who revealed). A while back, posted a serious posts on the subject and citing many posts in CafePharma throughout years which you can look-up.
The slow and nearly impossible to reconcile slow ramp-up in sales over the years potentially a strategy, by design, to use as a pretext for lack of advancement in pps while, the true reason, responds to a concerted relentless short operation for YEARS directed at manipulating pps historical movement generating massive short profits at the expense of advancement in pps/market cap — IMO.
Have forever been calling out the weekly scripts #’s “hooligan masquerade party” on this board, for years, seemingly in collusion. Notice the “masquerade” has gone bye bye — a despicable bamboozling “masquerade” for years — IMO.
Look, folks, this investment has been a horrific nightmare potentially responding to “machiavellian a plan”, by design, potentially criminal which, for some 4 years shareholders have been deceited, misled, kept in the dark, cheated, bamboozled, swindled, taken to the woodshed, scammed, scalped, and everything else — now, after some 4 years, a proposed merger engineered to employ the ultimate rape — steal 62.5% of shareholder holdings.
This CANNOT proceed and needs to be met with aggressive resistance in the form of outcry by shareholders, legal defense, whatever it takes. They cannot just “assassinate” your investment/money and your financial welfare in the name of a “machiavellian plan” which has benefitted a small group of crooks for years and has now become clearly evident that it has and always has been aimed at company take under at the cheap and stealing shareholders 62.5% of holdings.
No way!
ALL above, in my opinion, as always — includes hypotheticals..
I do not see anything good about the merger. I have zero confidence that AKBA current stock price will survive the naked shorting and 100 share trades that KERX has experienced in dropping from $17 to $3.63. The shorts will attack AKBA and the few that have made millions on KERX will make even more when the merger of two $3.00 stocks occurs. Who will be buying AKBA in the interim? There has been no insider buying of KERX to help prop it up. I expect a crushing of AKBA. Disgusted KERX long time holder.
Folks, with merger, AKBA outstanding goes from 57 million to some 115 million shares.
The AKBA 57 million O/S vs KERX 120 million O/S is total bs argument. In fact, the lower AKBA O/S was potentially chosen as a “calculated play” to draw upon AKBA’s shelf and issue some 55 million shares to acquire KERX — which, btw, can only be pulled-off by vanishing 62.5% of KERX shareholders holdings.
If you take AKBA’s avg. share price of +/- $10.50 during the past months, 55 million shares represents some $577.5 million to “steal” KERX. But again, it cannot be pulled off without first pick pocketing KERX shareholders to the tune of an outrageous 62.5% of holdings.
VIPGEM is a slimy despicable reptile, the “hooligan” crowd showing their true colors — admitting in his post what the proposed merger truly represents...
“the real end game is robbing you "62.5%" and you deserved it.”
ALL, in my opinion..
You are overlooking the fact that the shares of Akebia are much higher. So we are getting the potential of their drug and hopefully much less in overall costs. I think it is good overall.
Fellow shareholders, the merger is reducing our KERX holdings by 62.5% — what are we getting in return.
AKBA shareholders are getting diluted by some 55 million shares which the company will be issuing — they get to keep all their shares. And, in return for the company issuing some 55 million shares, they get Keryx Pharmaceuticals with blockbuster potential Auryxia which has a multi-billion addressable market as we speak, 2 FDA approvals, EU approval, years of groundwork development, years payor coverage development, years of sales and marketing development, expanded 27,300 sq. ft. offices with multi-million renovations, years of sales in the books, manuf. agreements in place, EU groundwork in place, etc. etc. etc.
What are we getting for 62.5% of out shares? Folks, we are potentialy being robbed.
Class-action lawsuit?
ALL above, in my opinion...
Fellow shareholders, the merger is reducing our KERX holdings by 62.5% — what are we getting in return.
AKBA shareholders are getting diluted by some 55 million shares which the company will be issuing — they get to keep all their shares. And, in return for the company issuing some 55 million shares, they get Keryx Pharmaceuticals with blockbuster potential Auryxia which has a multi-billion addressable market as we speak, 2 FDA approvals, EU approval, years of groundwork development, years payor coverage development, years of sales and marketing development, expanded 27,300 sq. ft. offices with multi-million renovations, years of sales in the books, manuf. agreements in place, EU groundwork in place, etc. etc. etc.
What are we getting for 62.5% of out shares? Folks, we are potentialy being robbed.
Class-action lawsuit?
ALL above, in my opinion...
KERX has spent some $550 million over 41/2 years to get the company where it is — Auryxia development with FDA approvals, EU approvals, payor coverage development, marketing/sales, expanded offices, etc. etc. etc.
And after some $550 million spent and 41/2 years later, AKBA gets to merge/acquire KERX by merely issuing some 55 million AKBA shares — only made possible by reducing holdings of KERX shareholders by 62.5%.
This is potentially quite the CF for KERX shareholders — this is like they stuck their hands in your pocket and took 62.5% of your shares. Tell me me fellow shareholders, what are we getting for 62.5% of our shares?
This is potentially criminal — IMO
ALL IMO
@X What makes you think KERX’s future is tied to Akebia’s Vadasdustat vis a vis FGEN?
Auryxia is ready to replace Renvela and prescribe for IDA NOW and DaVita, and now potentially Fresenius, are wide open for business representing 70% of renal provider services combined — and EU coming. Vifor Fresenius has a complete arsenal of products and now potentially Auryxia in the making.— Vadadustat work on progress but meanwhile VF has an arsenal.
KERX/AKBA merger has NOTHING to do with Vadadustat vis a vis FGEN, and everything to with a machination transaction employed allowing for VF to eventually acquire KERX/AKBA at the cheap while shareholders get fleeced, the short operation makes a fortune, big boys and Big Pharma win — little guy is disposable.
Today’s KERX/AKBA’s trading action in perfect concerto, both, long side (accumulation at cheap) and short side (fleecing and pps takedown) was a major heist.
Nothing to do with Vadadustat or FGEN. As far as KERX is concerned — has to do with Auryxia falling in VF’s lap.
Sanofi loses again, just like they did with Relypsa (Veltassa).
ALL above, in my opinion...
I knew a merger was the machination to be employed to screw KERX shareholders at the end and erase KERX’s past of years of bamboozling shareholders, generating massive short profits, and undertaking of KERX at the cheapn— just thought it would be done thru merger with RMTI.
Never imagined AKBA given the history with Butler and Vifor Fresenius.
Same difference, in the end machination, and today is it, KERX shareholders got the shaft with a .3743 conversation ratio.
ALL IMO
Bottom line, it’s AKBA pps looking forward that will dictate the value of KERX shares today — and AKBA pps looking forward needs to be 3X that of KERX today to be equivalent since KERX shareholders will own a bit over 1/3 of shares pos merger.
In other words, if KERX at $4 today, AKBA needs to be at say $11 to be equal.
The .3753 conversion for KERX shareholders is quite the shaft.
KERX ownership has been the nightmare of all nightmares and shareholders just got screwed bigtime.
ALL IMO
If my calculations are accurate, KERX shareholders will now be owners of a merged company with same O/S as KERX today with nearly 62.5% ess shares.
This means that a KERX $10 buyout of today would have to be a AKBA $27 buyout of tomorrow to get the same proceeds.
KERX sharehokders got the shaft if my calculations are approx. accurate.
This is the transaction employed, by way of a merger with AKBA at conversion ratio .3743, that KERX s/h were screwed AGAIN!
ALL above, in my opinion (not sure O/S calculations are correct)
If the Ihub post below is accurate, KERX shareholders got the shaft, AKBA shareholders were diluted by some 50+ million shares — but, ABKA purchases today at fire sale $8 have much upside to gain. By contrast, KERX shareholders would need AKBA buyout at $27 just to get the equivalent of KERX $10 buyout of today (pre-merger). Again, KERX shareholders got the shaft.
Given above, AKBA pps shot down today to $8 and already at close to 8X avg. volume — the “powers” buying hand over fist.
On the KERX side, same situation, KERX pps shot down, the “powers” with 8X avg. volume — the “powers” buying hand over fist.
On both ends, the “powers” are positioning to make a killing on future buyout.
ALL above, in my opinion.,,
If you own 10,000 shares of KERX, pos merger, you own 3743 shares of new company Akebia Therapeutics.
Pre-merger, if KERX were to be acquired at $10, with 10,000 KERX shares, you would have proceeds of $100,000.
Pos-merger, with 3743 of AKBA, you need AKBA to be acquired for $27/share to get proceeds of $100,000.
If my calculations are approx. accurate, AKBA O/S pos merger will be at approx. 115 million shares.
At $27/share buyout, Vifor Fresesius would have to pay $3 billion.
Anything less than $3 billion equates to less than the equivalent of KERX $10/share buyout today, pre-merger.
So, again, if calculations are accurate, KERX shareholders of today turned AKBA shareholders of tomorrow, would need AKBA $27/share or $3 billion buyout to generate proceeds equivalent to a KERX $10/share buyout today.
ALL IMO (not sure if AKBA O/S calculations pos merger is accurate)
Why such a strong negative reaction on the market to the merger news? Looked like a positive development to me! I just averaged down and increased my holdings of KERX by about 30%.
Vifor Fresenius will be KING of renal
worldwide. Sanofi renal bye bye, they wanted to cutbthe cake and eat it too. Many hurt in process, including Klarman — IMO
“Hooligan” gwells ?? “good luck longs”
LOLOL, Ohhhh the hernia, Doccccccc
Expect the shorts, who are “on thebother side” to put up the fight.
ALL IMO
Sanofi renal business bye bye. They wanted to cut the cake and eat it too — and hurt many in the process, including Klarman.
That’s in the past, unfortunately, after msny years of pain and suffering..
Expect the shorts, who are “on the other side” to put up a fight. As you know, short interest just increased again — back up to 19.8 million.
Clean house Mr. Klarman, the company is full of vermin. I’ll take care of the “hooligans” for you.
“hooligan” gwells ?? “good luck longs”
hahahahahaha, ohhhhh the hernia, Docccccccccv
ALL above, in my opinion, hypothetical
ALL my posts seeminhly being blocked
_____________________
Yesssssssssss!!!! Seth Klarman and his forceful heavy hand dumps “a plan”, by design, with the French, that has been bamboozling this company and shareholfers gor YEARS, and goes with Vifor Fresenius.
Now we know why Madison resigned without any explanation - he was pushed out. Now we know why old conv. notes became new conv. notes with $10M infusion and $40 line of credit. Now we know why Baupost dodn’t care his cost basis increasing from $8.08 to $8.44 with new conv. notes.
Now we know why “hooligan” Kenneth just posted the following..
“Why merge?
Access to management
No clear path to profit under current plan
Dwindling capital
Shall I keep going?
No guarantees here but at least we now have a shot at becoming a company someone might buy down the road
Everyone wondered what SK was up to- well, here you go”
hahahaha
SK has just tsken the french monkey off the back of this company and its shareholders. Expect the shorts, who are “on the other side”, to put-up a fight. Now we know why the pps take down yesterday.
Butler is back!!!!!
ALL above, in my opinion, as always — hypothetical
@BIG JAKE
You just keep on GIF ing while being CFed. Typical of someone who’s been mouthfed any and all valuable insight over many many months to get a clue based of heavy due diligence which was provided without a shred of reciprocity — and now pretends like he knows based on his own efforts. Get real, Jake — but keep on GIF ing.
IMO
Liebe Fred,
Are you pointing the Feds to "that klarman guy" for this criminal CF taking place inside the walls and halls of Kerx in Boston? I keep hearing that heat is finally being applied. IMO
@dick — the whole charade going on 4 plus YEARS is about ALOT more than..
“control. Management and bod are full of themselves. They get to wear big boy suits and dresses and go to the office. They don't want to give that up.”
The KERX story goes way deeper..
ALL IMO
The five day chart is showing RMTI trouncing Kerx's performance by more about six percent. Those are a lot of lost SHEKELS on "that klarman guy's" books unless he continues to hedge short.
Otherwise,he must have stopped putting his faith in The Shekel. IMO
https://finance.yahoo.com/quote/KERX/chart?p=KERX#eyJpbnRlcnZhbCI6NSwicGVyaW9kaWNpdHkiOjEsInRpbWVVbml0IjoibWludXRlIiwiY2FuZGxlV2lkdGgiOjMuNzMzOTc0MzU4OTc0MzU5LCJ2b2x1bWVVbmRlcmxheSI6dHJ1ZSwiYWRqIjp0cnVlLCJjcm9zc2hhaXIiOnRydWUsImNoYXJ0VHlwZSI6ImxpbmUiLCJleHRlbmRlZCI6ZmFsc2UsIm1hcmtldFNlc3Npb25zIjp7fSwiYWdncmVnYXRpb25UeXBlIjoib2hsYyIsImNoYXJ0U2NhbGUiOiJsaW5lYXIiLCJwYW5lbHMiOnsiY2hhcnQiOnsicGVyY2VudCI6MSwiZGlzcGxheSI6IktFUlgiLCJjaGFydE5hbWUiOiJjaGFydCIsInRvcCI6MH19LCJzZXRTcGFuIjp7Im11bHRpcGxpZXIiOjUsImJhc2UiOiJkYXkiLCJwZXJpb2RpY2l0eSI6eyJpbnRlcnZhbCI6NSwicGVyaW9kIjoxLCJ0aW1lVW5pdCI6Im1pbnV0ZSJ9fSwibGluZVdpZHRoIjoyLCJzdHJpcGVkQmFja2dyb3VkIjp0cnVlLCJldmVudHMiOnRydWUsImNvbG9yIjoiIzAwODFmMiIsImN1c3RvbVJhbmdlIjpudWxsLCJzeW1ib2xzIjpbeyJzeW1ib2wiOiJLRVJYIiwic3ltYm9sT2JqZWN0Ijp7InN5bWJvbCI6IktFUlgifSwicGVyaW9kaWNpdHkiOjEsImludGVydmFsIjo1LCJ0aW1lVW5pdCI6Im1pbnV0ZSIsInNldFNwYW4iOnsibXVsdGlwbGllciI6NSwiYmFzZSI6ImRheSIsInBlcmlvZGljaXR5Ijp7ImludGVydmFsIjo1LCJwZXJpb2QiOjEsInRpbWVVbml0IjoibWludXRlIn19fSx7InN5bWJvbCI6IlJNVEkiLCJzeW1ib2xPYmplY3QiOnsic3ltYm9sIjoiUk1USSJ9LCJwZXJpb2RpY2l0eSI6MSwiaW50ZXJ2YWwiOjUsInRpbWVVbml0IjoibWludXRlIiwic2V0U3BhbiI6eyJtdWx0aXBsaWVyIjo1LCJiYXNlIjoiZGF5IiwicGVyaW9kaWNpdHkiOnsiaW50ZXJ2YWwiOjUsInBlcmlvZCI6MSwidGltZVVuaXQiOiJtaW51dGUifX0sImlkIjoiUk1USSIsInBhcmFtZXRlcnMiOnsiaXNDb21wYXJpc29uIjp0cnVlLCJjb2xvciI6IiNhZDZlZmYiLCJ3aWR0aCI6MiwiY2hhcnROYW1lIjoiY2hhcnQiLCJzeW1ib2xPYmplY3QiOnsic3ltYm9sIjoiUk1USSJ9LCJwYW5lbCI6ImNoYXJ0IiwiYWN0aW9uIjoiYWRkLXNlcmllcyIsInNoYXJlWUF4aXMiOnRydWUsInN5bWJvbCI6IlJNVEkiLCJnYXBEaXNwbGF5U3R5bGUiOiJ0cmFuc3BhcmVudCIsIm5hbWUiOiJKSUxQRzVBTUxZIiwib3ZlckNoYXJ0Ijp0cnVlLCJ1c2VDaGFydExlZ2VuZCI6dHJ1ZSwiaGVpZ2h0UGVyY2VudGFnZSI6MC43LCJvcGFjaXR5IjoxLCJoaWdobGlnaHRhYmxlIjp0cnVlLCJ0eXBlIjoibGluZSIsInN0eWxlIjoic3R4X2xpbmVfY2hhcnQifX1dLCJzdHVkaWVzIjp7InZvbCB1bmRyIjp7InR5cGUiOiJ2b2wgdW5kciIsImlucHV0cyI6eyJpZCI6InZvbCB1bmRyIiwiZGlzcGxheSI6InZvbCB1bmRyIn0sIm91dHB1dHMiOnsiVXAgVm9sdW1lIjoiIzAwYjA2MSIsIkRvd24gVm9sdW1lIjoiI0ZGMzAzMSJ9LCJwYW5lbCI6ImNoYXJ0IiwicGFyYW1ldGVycyI6eyJoZWlnaHRQZXJjZW50YWdlIjowLjI1LCJ3aWR0aEZhY3RvciI6MC40NSwiY2hhcnROYW1lIjoiY2hhcnQifX19fQ%3D%3D
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Interactive Chart for Keryx Biopharmaceuticals, Inc. (KERX), analyze all the data with a huge range of indicators.
Interactive Chart for Keryx Biopharmaceuticals, Inc. (KERX), analyze all the data with a huge range of indicators.
finance.yahoo.com
IMO, what we have potentially is a mess, and those attempting to decorate the situation putting little rainbows and stars around it aka short term turbulance but longer term “cure” — a CROC. Big Pharma in the mix, IMO, and short term or longer term, same difference, common shareholders best interests not in play, never have been, old gang or new gang, however you choose to look at it.
In the meanwhile, as one poster wrote, “This was an undisciplined knee jerk reaction from the BOD”, and would add hostile, to take control of company, resulting in trading halt for couple days, RMTI back in a court of law with legal costs to the company, hence, the shareholders, and an ongoing legal dispute, non-trivial by any measure, with outcome uncertain.
Competitors watching the “show” (they know what’s going on) along with the rest of the industry — CMS watching. Time of essence, the renal/iron deficiency space moving forward rapidly, providers waiting, patients waiting, meanwhile, a potential mess in the cards — IMO, all in the name of “a plan”, by “a plan”, for “a plan”, put in motion a while ago, so goes hypothetical.
Chioini, yes, self-serving bastad, but, IMO, the alternative is not “peaches and cream” either. What is the company and shareholders REALLY gaining from all this? Can anyone answer this question? Chioini/Klema terminated is not a viable answer, IMO. Why? — because,IMO, if Big Pharma wants the company and its technology then get the BOD and majority shareholders aligned (which are aligned anyway) and buy the damn thing for a reasonsble price, it’s not like the funds are not available. Why the hostility to take control of the company (IMO) as a prelude — what, a few T’s to cross and I’s to dot prior to end-game have we?
ALL above, in my opinion
However, this does seem plausible as The Hooligans keep blocking my posts on their controlled, and manipulated Yahoo Finance Board. IMO
With the share giveaway party they are attempting to enact beyond the 2013 terminating plan, it seems likely this "leading renal company" is going to be swallowed before then. Will this post not make it to the board like others before it? HOOLIGANS! IMO
With respect to the share compensation giveaway party, it doesn't look like a company going to the highest bidder anytime soon, unless soon becomes prior to this ASM.
Liebe Fred, Back from long weekend in Lake Havasu where Parker Dam captures the water for that beautiful lake and pump station from this Colorado River basin that is piped back to SoCal. Thanks for staying active during this newest twist in kerx becoming "a leading renal company" as part of some other large Pharma enterprise taking it over. I thought those RMTI fools were to have already announced an agreed upon arbitrator for this assumed exit of their CEO and CFO, what gives as part of this missing the EST deadline? TIA.
Note: This post was blocked by the Hooligan Police on the Yahoo Finance Board.
RICHMOND BROTHERS, INC.
3568 Wildwood Avenue
Jackson, Michigan 49202
May 24, 2018
Rockwell Medical, Inc.
30142 Wixom Road
Wixom, Michigan 48393
Attn: Board of Directors
Dear Members of the Board:
As you are aware, Richmond Brothers, Inc. (together with its affiliates, “Richmond Brothers” or
“we”) beneficially owns approximately 10.9% of the outstanding shares of common stock of Rockwell Medical, Inc. (“Rockwell” or the “Company”). As the Company’s largest shareholder,
we have read the Company’s recent press releases and Form 8-K filings (along with the unauthorized Form 8-K filed by Rob Chioini) with great interest.
Based on the public information available to us, we fully support the decision made by Rockwell’s
Board of Directors (the “Board”) to terminate Mr. Chioini from his positions as the Company's
President and Chief Executive Officer. In light of Chief Financial Officer Thomas Klema’s role in
assisting Mr. Chioini in making the unauthorized filing in which Mr. Chioini seemingly attempted to “un-fire” himself, we also support the termination of Mr. Klema’s positions with the Company.
Richmond Brothers launched a proxy contest at the 2017 annual meeting of shareholders (the “2017 Annual Meeting”) because we believed that there was a desperate need for accountability at Rockwell after year’s of underperformance under Mr. Chioini’s leadership. Despite the
successful election of our nominee, Mark Ravich, at the 2017 Annual Meeting, we were resigned to the fact that additional change was warranted after learning that Mr. Ravich had largely been shut-out of the boardroom and his requests for materials and access to the Company’s personnel were repeatedly denied. This caused us to publicly state in August 2017 that we had lost all confidence in Mr. Chioini’s ability to effectively oversee the Company and drive shareholder
value. At the time, we made clear that given the Company’s significant financial and stock price underperformance and inability to monetize promising drugs Triferic and Calcitriol under Mr.
Chioini’s leadership, we did not believe Mr. Chioini had proven himself capable of successfully
leading the Company forward and were convinced that he should be replaced as Chairman and
CEO immediately.
After nominating director candidates for election at the 2018 annual meeting of shareholders (the
“2018 Annual Meeting”) with the intention of replacing Mr. Chioini and long-standing director Patrick J. Bagley, we ultimately reached an agreement with the Company in March 2018 to avoid an election contest. Pursuant to our agreement, two independent directors were added to the Board, the Company agreed to seek the declassification of the Board so that all directors are elected annually and Mr. Bagley agreed not to stand for re-election at the 2018 Annual Meeting.
Following this agreement, we were confident that Rockwell had an independent Board in place
capable of effectively overseeing the Company. Shortly after the agreement was announced, we
saw immediate corporate governance improvements at the Company, such as an independent
director being named as Chairman of the Board and new committee chairpersons and compositions
being announced. These announcements gave us confidence that Rockwell had the right Board in
place, and, after reading about Mr. Chioini’s termination, our belief was only further strengthened.
We believe that the Board conducted a thorough review of the management team and came to the
conclusion that Mr. Chioini was not the right person to lead Rockwell – a conclusion we publicly reached previously. We respect the Board’s decisiveness and believe the Company is in the hands of a Board that has shown itself willing and capable of making changes necessary to protect shareholders’ best interests. We are pleased to see that a search for a permanent CEO is already underway and are confident that the Special Transition Committee – consisting of Benjamin Wolin (who is also Chairman of the Board), Lisa Colleran and John Cooper – will provide effective oversight of the Company until the permanent CEO is identified. Ben, Lisa and John collectively have years of experience serving as public company CEOs and CFOs and bring track records of success that we believe will serve Rockwell shareholders well.
In our view, this Board understands the complexities of running a public drug company and the need to attract top talent to execute on the vision of Rockwell becoming a leader in delivering iron to patients worldwide. We believe Mr. Chioini’s departure is an important step to delivering transformational changes at the Company – we look forward to seeing additional improvements at the Company under this Board’s stewardship.
While we believe in this Board, we will also demand accountability from it as well. We want to publicly say to the Board: be disciplined, be determined and drive results.
Sincerely,
David S. Richmond
Richmond Brothers, Inc.
Here’s the run-down, IMO..
KERX
1–Auryxia TRUE launch as we speak, after all, manuf. agreements with BioVectra & Siegfried put in place last Dec. 2017 were not just for fun (haha)..
2–EU roll-out coming as planned from way back (ahem) — after all, EU groundwork as per links provided in previous posts, deadline in Sept. 2018, 1 recent presentation and 1 tomorrow of abstracts in EU (ohhhh, Docccc), etc. etc. not just for fun (haha). Keep in mind, EU Fexeric approval full label and, although not approved for IDA, nephros will likely prescribe covering full range of benefits i.e. iron component.
RMTI
1–Power move by “forces that be” to oust CEO Chioni a done deal.
2–Given point 1, and after 31/2 years of no commercialization (ahem), Triferic will start to be commercialized, either thru bundle (with increased pricing) or CMS approval of special pricing — bottom line, all systems go.
Now, hypothetical foresees potential KERX/RMTI merger coming to renal movie theaters soon (haha) — after all, take a look at all above mentioned. If such a scenario should come to fruition, if hypo has veracity, potentially looking at KERX/RMTI 1-for-2 stock swap. What follows would be increased Auryxia sales, Triferic roll-out, EU Fexeric roll-out, etc. — leading into Big Pharma buyout/agreement (SNY likely suitor). If so, merger a razzle dazzle move that would “throw sand” on the past, clean slate sort of speak, and new “screenplay” would be born.
What the value of combined company shares would be immediately following potential merger not the same as buyout. Price per share of combined company would potentially increase with catalysts (as mentioned above) but, as you may imagine, would likely be manipulated to favor an attractive buyout price for suitor down the road — near term, IMO, say by end of year.
No KERX Annual proxy filing tonthis moment, No KERX CEO, No RMTI CEO, RMTI Annual on June 21st, RMTI stated looking for new CEO, KERX has not made such a statement (as far as I recall), “hooligans” in hush hush mode, etc. etc.
If the above has any veracity, SUCKS! Want out of this nightmare, NOW!
ALL above, in my opinion — just thinking out loud. Comments and/or thoughts welcomed.
@AnfuhrerMitwut As per hypothetical, and in my opinion, the following..
KERX pegged (“a plan”, by design) as one of several small bios, which combined, would build a leading renal business, dating back to when Daniel P. Regan joined KERX in Oct. 2013 — Regan former Global General Manager, SVP of Renal Franchise at Genzyme/Sanofi.
In Jan. 2014, 3 months later, Daniel W. Olmstead, former senior exec, Renal Division at Genzyme/Sanofi, joins KERX as VP Payer Access, to lead Keryx’ strategic global market access, managed care and reimbursement initiatives — iOlmstead’s roles at Genzyme/Sanofi included coverage of key national and regional health plans, managed markets product launch planning, and playing an integral role in establishing Renal pricing and contracting strategies for Renvela/Renagel. Regan and Olmstead worked together at Genzyme/Sanofi.
Also in Jan. 2014, Baupost initiates relationship with Keryx.
A month later, Feb. 2014, Greg Madison, former 12-year Genzyme/Sanofi exec who succeeded Regan as Global Head of Renal Division, joins Keryx.
In other words, Keryx pegged since Oct. 2013 as one of several bios, which combined, would build a leading renal business to replace Genzyme/Sanofi’s $1 billion Renvela/Renagel franchise once generics were approved by FDA. The time between Oct. 2013 (Regan joined Keryx) and today, some 41/2 years, is the time during which all machinations, innerworkings, have been employed and which many unsuspecting shareholders have suffered as a result.
RMTI, another one of several small bios pegged to be part of building leading renal business — AMAG another, and possibly AKBA and RLYP which pitentially went sour with Butler.
KERX’s Auryxia was approved in Sept. 2014 — RMTI’s Triferic was approved in in Jan. 2015. During 2015, 2016, 2017, and what has transpired of 2018, both, KERX and RMTI/Auryxia and Triferic, have a similar story in terms of “unrealized” advancement in companies’ market capitalization and product commercialization — similarities in short operation “assault”. KERX’s pps went from $18s to $3s following initial FDA approval. RMTI’s pps went from $10s to $18s to $4s following FDA approval.
In the case of RMTI you have a particular situation (not the case with KERX). Robert Chioini founded Rockwell Medical back in 1995 selling dialysis kits and ancillary items out of a 10×20 foot room. In 1998, Chioini takes company public and has since been CEO and Chairman of BOD — 20 years. What happened yesterday was a power move by “forces that be” in an attempt to oust Chioini. As founder, mentor, and CEO/Chairman of RMTI since its inception, Chioini is fighting back to retain control of his “baby”. Chioni owns 10% of company, Richmond Brothers another 10%, “powers that be” another 10% plus as of 3/31/2018. Who knows what changes in ownership structure have taken place since. RMTI short % of float at 21% (KERX at 25%).
So goes hypothetical and in my opinion, whether KERX buyout or KERX/RMTI merger, KERX’s immediate future is/was upon us VERY SOON!!! If KERX/RMTI merger, the sequence would be merger followed by buyout of combined company by SNY — whether yesterday’s Chioini episode will affect KERX’s story in terms of timeframe or as a whole, is yet to be seen.
Look, for shareholders, the KERX story, “a plan”, by design, has been one of fleecing, deceit, manipulation, and potential collusion, for years, with dramatic emotional and financial costs, the latter in terms of dead money and opportunity costs. And now, shareholders could be facing an “end game” which could turn out in shareholders being short-changed. Really a monumental nightmare any way you look at it — all in the name of “a plan”, by design, involving wanting to build a leading renal business to replace a cannibalized renal business, seemingly at the cheap and at the expense of unsuspecting shareholders.
Take note of the following: KERX without CEO, yesterday an attempt to oust RMTI’s CEO, KERX yet to file Annual proxy (obviously delayed or not to take place), RMTI files Annual pre-proxy with NO date (highly irregular) and, 3 weeks later, April 30th, files definitive-proxy WITH date coincinding with date of KERX’s CEO exit. RMTI’s Annual scheduled for June 21st.
ALL the above, in my opinion,
—Baupost cost basis on 61.4 million shares at $8.44..
—Baupost 61.4 million shares represents 39.8% ownership..
— Since Jan. 2014, Baupost has represented some $518 million to Keryx’s coffers to finance Auryxia/Fexeric and company development..—Baupost $518 million represents over 85% of total funding to Keryx over the past 41/2 years..
—With cost basis at 8.44, Baupost would need to unload at $20/share to achieve a net ROI of +/- 20%/yearly..
—If Baupost were to unload in low teens, it would signal Baupost has potentially played short against the box..
—Abrams’ 9.7 million shares represents 6.3% ownership..
—Combined, Baupost/Abrams represent 46.1% ownership..
Baupost controls fate of company and shareholders.
ALL IMO
Group
Changes: All | New | Increased | Decreased | Sold Out
Portfolio as of:
Name Ticker Class Shares Change Value Change % Port % OS Hist Date
CHENIERE ENERGY INC LNG Common 20,726,340 0 1,107,823,000 -8,083,000 10.68 8.72 Hist 03/31/2018
Synchrony Financial SYF COM 29,295,030 0 982,262,000 -148,819,000 9.47 3.85 Hist 03/31/2018
TWENTY-FIRST CENTURY FOX, INC. FOXA CL A 26,588,731 4,300,000 975,541,000 205,911,000 9.41 Hist 03/31/2018
VIASAT INC VSAT Common 13,658,137 500,000 897,613,000 -87,274,000 8.66 23.19 Hist 03/31/2018
Allergan plc AGN SHS 4,750,000 250,000 799,378,000 63,268,000 7.71 1.44 Hist 03/31/2018
Qorvo, Inc. QRVO COM 11,000,000 0 774,950,000 42,350,000 7.47 8.70 Hist 03/31/2018
TIME WARNER INC. TWX COM 8,100,000 0 766,098,000 25,191,000 7.39 1.04 Hist 03/31/2018
PIONEER NATURAL RESOURCES CO PXD Common 4,000,000 2,000,000 687,120,000 341,420,000 6.63 2.35 Hist 03/31/2018
ANTERO RESOURCES Corp AR Common 26,587,791 1,865,604 527,768,000 58,046,000 5.09 8.40 Hist 03/31/2018
TWENTY-FIRST CENTURY FOX, INC. FOX CL B 11,433,358 902,100 415,831,000 56,504,000 4.01 Hist 03/31/2018
CARDINAL HEALTH INC CAH Common 5,100,000 0 319,668,000 7,191,000 3.08 1.62 Hist 03/31/2018
KERYX BIOPHARMACEUTICALS INC KERX Common 61,374,013 35,582,335 298,277,703 178,346,703 Hist 05/08/2018
Colony NorthStar, Inc. CLNS COM 49,687,370 1,781,909 279,243,000 -267,358,000 2.69 Hist 03/31/2018
PBF Energy Inc. PBF CL A 7,924,175 -3,000,000 268,630,000 -118,632,000 2.59 Hist 03/31/2018
Atara Biotherapeutics, Inc. ATRA COM 6,254,632 895,000 243,931,000 146,922,000 2.35 16.11 Hist 03/31/2018
MCKESSON CORP MCK Common 1,615,700 255,700 227,604,000 15,512,000 2.19 0.78 Hist 03/31/2018
Theravance Biopharma, Inc. TBPH COM 9,309,168 0 225,747,000 -33,886,000 2.18 17.12 Hist 03/31/2018
Veritiv Corp VRTV COM 3,824,385 182,900 149,916,000 44,677,000 1.45 24.31 Hist 03/31/2018
PG&E Corp PCG Common 3,149,972 3,149,972 138,378,000 138,378,000 1.33 0.61 Hist 03/31/2018
AMERISOURCEBERGEN CORP ABC Common 1,317,216 -117,349 113,557,000 -18,165,000 1.10 0.60 Hist 03/31/2018
AMC ENTERTAINMENT HOLDINGS, INC. AMC CL A COM 5,000,000 0 70,250,000 -5,250,000 0.68 Hist 03/31/2018
NOVAGOLD RESOURCES INC NG Common 13,467,145 2,724,310 58,313,000 16,094,000 0.56 4.18 Hist 03/31/2018
TESLA MOTORS INC NOTE 2.375% 3/1 50,000,000 50,000,000 52,188,000 52,188,000 0.50 Hist 03/31/2018
GTY Technology Holdings Inc. GTYHU UNIT 99/99/9999 4,400,000 0 45,540,000 161,000 0.44 Hist 03/31/2018
Paratek Pharmaceuticals, Inc. PRTK COM 2,394,498 0 31,128,000 -11,734,000 0.30 7.62 Hist 03/31/2018
Theravance Biopharma, Inc. TBPH NOTE 3.250% 11/0 30,000,000 0 30,206,000 -2,832,000 0.29 Hist 03/31/2018
Saban Capital Acquisition Corp. SCAC Common 2,326,500 0 23,125,000 23,000 0.22 Hist 03/31/2018
Sentinel Energy Services Inc. STNLU Common 1,600,000 0 15,872,000 -80,000 0.15 Hist 03/31/2018
CHIPMOS TECHNOLOGIES BERMUDA LTD IMOS ORD 933,658 -536,750 14,798,000 -11,155,000 0.14 Hist 03/31/2018
Trilogy Metals Inc. TMQ Common 10,600,758 0 13,408,000 1,912,000 0.13 9.95 Hist 03/31/2018
Forward Pharma A/S FWP SPONSORED ADR 2,848,003 -1,331,937 6,180,000 -9,202,000 0.06 Hist 03/31/2018
Saban Capital Acquisition Corp. SCACW *W EXP 09/21/202 1,163,250 0 1,512,000 70,000 0.01 Hist 03/31/2018
Orexigen Therapeutics, Inc. OREX COMMON 2,226,839 0 465,000 -2,408,000 0.00 13.41 Hist 03/31/2018
Express Scripts Holding Co. ESRX Common 0 -2,306,456 0 -172,154,000 0.00 0.00 Hist 03/31/2018
Sunrun Inc. RUN COM 0 -2,848,082 0 -16,804,000 0.00 0.00 Hist
IMO, 1Q2018 conf. call potentially a facade employed to mantain an appearance while concealing real going ons. IF so, yet another contemptous mockery towards shareholders. (of MANY). The Q&A seemed like an episode from a comic book.
IF above has veracity, it should come as no surprise, so goes hypothetical. After all, in past years, IMO, this company has gone to great lengths to simulate an operation in real time, with supposed real time development efforts to advance Auryxia commercialization to its fullest potential — in actuality, IMO, a plan”, by design, directly related to replacing brand Renvela and “building a leading renal company” which involves other small bios, with ALL “paraphernalia” which “a plan” has entailed over years while keeping shareholders in the dark. “A plan” which, IMO, contrary to advancing, has seemingly curtailed Auryxia commercialization, hence, curtailed increase in shareholder value aided by a short trading operation — while brand Renvela finished-out its final $1 billion years prior to generics coming to market, while advancing “building a leading renal company”, and while developing/implementing all groundwork to get Auryxia/Fexeric to turn-key status. Hence, the facade, the mockery, is not anything new.
IF the 1Q2018 conf. call was in fact a facade then, IMO, it would potentially indicate that Madison was a “sacrificial lamb” as part of “a plan”. As such, it would come to me as no surprise if Madison ends-up being a part of “building a leading renal company” in some capacity.
With regards to EU, from the latest 10-Q..
“We are not currently marketing Fexeric in the EU and do not intend to commercialize Fexeric in the EU on our own. We have not been successful in finding a suitable commercialization partner for Fexeric in the EU to date. We cannot assure you that we will be able to find a suitable commercialization partner in the EU or otherwise create value from our European rights. If we do not begin to market Fexeric in the EU by September 23, 2018, we believe the EC will likely revoke its approval of Fexeric.”
The discussion on EU is laughable. Why would Keryx have struck a partnership during past +/- 4 years when, so goes hypothetical, “a plan”, by design, was in development for Auryxia to replace Renvela while keeping shareholders in the dark. If Keryx and SNY would have signed an EU partnership agreement “before its time”, obviously, the “a plan” would have been revealed, sort of speak. Also consider, that such revelation would have potentially generated a buying frenzy of KERX stock in open market with speculation of SNY buyout. This would go against an underlying objective of “a plan” — to curtail advancement of shareholder value, to curtail increase in Keryx’s market cap, while employing a short trade operation, hence, potentially a short squeeze. Folks, Fexeric WILL be implemented under new company ownership, IDA in EU is the CATCH — from now until Sept. 23rd there’s plenty of time, particularly when groundwork has been under development targeting Eastern/Western European countries (remember numerous internet links provided concerning Fexeric packaging, label, leaflets, trademark registration, etc.) and manuf. agreement with Siegfried in France. Btw, factor-in Madison repeatedly saying Keryx was in EU negotiations and then gradually the so-called negotiations sorta vanished into thin air (haha, ohh the tangled web, ohhh the hernia, docccc). Again, IMO, the discussion on EU is laughable.
Waiting for proxy, countdown is on, Baupost cost basis at $8.44.
ALL above, in my opinion.
p.d. It was quite interesting to see the “hooligan frenzy” towards Buck1075’s post..
Decent earnings report this morning. Hopefully script growth will really start seeing the benefits from the pre-dialysis patients during this and the coming quarters. I like the new deal with Baupost. Was not able to listen to the conference call... anybody that did willing to give a quick summary of the highlights?
WOW! My post below just disappeared from KERX Yahoo board.
@Dave You posted the following in 3 separate posts..
1)“People need to understand that the average premium of a bio buyout is about 30-40%. Not 300-400%. It happened once with IDIX, it’s not a template.” ——
2) “Btw, what does Abrams shorting have to do with Baupost? Don’t understand your mention in your post. Fred, think about it. Think.”——
3) “Fred, The short is a churn of which about 50 % is truly exposed. So let’s say 10M shirts not hedged for argument sake. Really not that much in this grand scheme. I don’t know the exact players (well some) but I can tell you that a shop shorting down from 18 doesn’t need the convertible note hand shake. You should be able to figure out who some of the early shorts were by looking at recent fund activity. That’s why I think Abrams is or was a candidate.”
_____________________________
Forget IDIX ——Look, Dave, what you and others need to understand is value of Auryxia/Fexeric - not buyout premium over an artificially depressed stock price resulting from a scheme, for years, involving a short assault purposely directed and with the intent to sabotage development of company’s worth/market cap, IMO. Also, IMO, scheme involved affecting other aspects of company’s development i.e. sales development. In 2015, 2016, and 2017 COMBINED, Renvela sales of $3 billion, Auryxia sales of $92.8 million, roughly equating to Revela sales in 5 weeks - NO DOUBT, more here than meets the eye.
You want to talk about buyout premium of small bio? How about fairly recent buyout of small bio, not only fairly recent but directly comparable to Keryx..
(“Galenica to Buy Relypsa for $1.53 Billion, offers $32 per share, 59% above Relypsa’s close”) Sooo..
1 - Your average 30-40% premium is highly subjective, not a template. But meet halfway, not 40% and not 60%, settle at 50%.
2- At this juncture, the true value of KERX’s stock price is NOT $4.60. Six (6) months “hostage” in $4s following IDA approval, down from $6s day of approval ($6s also depressed)? Give me a friggin break, CRIMINAL. IMO, KERX’s stock price should be at $12-$13, and that’s only because of O/S including conv. notes which, btw, includes some 70 million shares issued in past 4 years with proceeds of some $550M. Proceeds employed in development of ALL Auryxia/Fexeric groundwork i.e. clinicals, payor coverage, marketing programs, industry sponsorships, conferences, nice 27,300 renovated, sq. ft office, org. structure of 200+ headcount, salaries, bonuses, free shares over years etc etc etc $550 built-in. So what does 50% premium of $12-$13’equate to? That be $20 - if you want to talk buyout premium.
As for Abrams shorting, short is a churn, and hand shakes, forget all that mumbo jumbo. The fact of matter is short scheme employed, for years, to hurt company - period. Who’s been behind scheme? Well, evidently, entity or entities interested in hurting company - that simple.
ALL, in my opinion..
Keryx employee profiles of 200+ headcount — VP’s, Exec. VP’s, Senior Directors, Directors, Associate Directors, other (zoominfo.com).
Organization structure a la Big Pharma footprint — kinda reveals blockbuster projections for Auryxia/Fexeric which are potentially being concealed...ALL IMO
Darla Champigny - Corporate Counsel
https://www.zoominfo.com/p/Darla-Champigny/-1041896241
Kelly Pitt - Associate Counsel
https://www.zoominfo.com/p/Kelly-Pitt/-1808466432
Lisa Shrayer - VP Legal
https://www.zoominfo.com/p/Lisa-Shrayer/-1068290929
Lisa Lorem - Regulatory Affairs
https://www.zoominfo.com/p/Lisa-Loram/-1979235961
Edward Cullen - VP PreClinical and Clinical Development
https://www.zoominfo.com/p/Edward-Cullen/1578321972
Barry Cohen - VP Business Development
https://www.zoominfo.com/p/Barry-Cohen/-1742593195
Daniel Olmstead - VP Payer Access
https://www.zoominfo.com/p/Daniel-Olmstead/1178231277
Enrique Poradosu - VP Scientific & Business Strategy
https://www.zoominfo.com/p/Enrique-Poradosu/1173592361
Maureen Curran - VP Drug Safety and Pharmacoviligance
https://www.zoominfo.com/p/Maureen-Curran/1964509500
Kenneth Hoberman - VP Business Development
https://www.zoominfo.com/p/Kenneth-Hoberman/1220814535
Robert Nisch - VP CMC Operations
https://www.zoominfo.com/p/Robert-Nisch/-2108162153
Mark Hazard - VP Head of Quality
https://www.zoominfo.com/p/Mark-Hazard/-1193816148
Lou DeBergalis - VP Quality Operations
https://www.zoominfo.com/p/Lou-Debergalis/1258713457
Michael Crispin - Executive Director, Information Technology
https://www.zoominfo.com/p/Michael-Crispin/542287183
Matthew Gray - Executive Director, Financial Planning and Analysis
https://www.zoominfo.com/p/Matthew-Gray/-2038336076
Robert Bob - Senior Director, CMC Manufacturing
https://www.zoominfo.com/p/Robert-Bob/-878556517
John Ulyshen - Senior Director of Marketing
https://www.zoominfo.com/p/John-Ulyshen/-1679640828
Sarah Mudholkar - Senior Brand Manager
https://www.zoominfo.com/p/Sarah-Mudholkar/1473295895
W. Findlay - Associate Director, CMC Manufacturing
https://www.zoominfo.com/p/W-Findlay/1936839894
Timothy Fox - Senior Director, Enterprise Applications
https://www.zoominfo.com/p/Timothy-Fox/1475339085
Adam Schayowitz - Senior Director Medical Affairs
https://www.zoominfo.com/p/Adam-Schayowitz/361590494
Alan Herrera - Director HEOR
https://www.zoominfo.com/p/Pharmd-Alan-herrera/-2048361666
Richard Twombly - Senior Director, Commercial Training Development
https://www.zoominfo.com/p/Richard-Twombly/1512918490
Matt Manlove - Senior Director of Infrastructure and Facilities
https://www.zoominfo.com/p/Matt-Manlove/1707185381
Amilcar Ribeiro - Senior Director, Clinical Operations
https://www.zoominfo.com/p/Amilcar-Ribeiro/-980901251
Karen Joyce - Senior Director, Global Regulatory Affairs
https://www.zoominfo.com/p/Karen-Joyce/-2042313831
Katrin Uhlig - Senior Medical Diector
https://www.zoominfo.com/p/Katrin-Uhlig/212298229
Kevin Haynes - Senior Director, Manufacturing and Materials Mgt.
https://www.zoominfo.com/p/Kevin-Haynes/1409110498
Robert Bruno - Senior Director, Supply Chain
https://www.zoominfo.com/p/Robert-Bruno/-1193816149
Bruce Lotz - Director of Manufacturing Operations
https://www.zoominfo.com/p/Bruce-Lotz/-2132717633
Emarjola Boka - Medical Director, Global Drug Safety and Risk Mgt.
https://www.zoominfo.com/p/Emarjola-Bako/-1777970846
Megan Luce - Director, Government Pricing
https://www.zoominfo.com/p/Megan-Luce/-1708677264
Rama Shmeis - Director, CMC Formulation Development and Technology Transfer
https://www.zoominfo.com/p/Rama-Shmeis/-1831790189
Doris Chen - Director, Quality Operations
https://www.zoominfo.com/p/Doris-Chen/1575040860
Lisa Fiering - Senior Director, Human Resources
https://www.zoominfo.com/p/Lisa-Fiering/1787569875
Nancy Sayre - National Account Director
https://www.zoominfo.com/p/Nancy-Sayre/1783936346
Julie Schroeder - Director, Human Resources
https://www.zoominfo.com/p/Julie-Schroeder/2080787641
Sharon Funk - Director, Market Analytics and Insights
https://www.zoominfo.com/p/Sharon-Funk/1401196925
David Sutherland - Director of Accounting, Controller
https://www.zoominfo.com/p/David-Sutherland/-2043147425
Robbie Tantoco - Director, Financial and Analysis
https://www.zoominfo.com/p/Robbie-Tantocoassociate/-1054578252
Bryce Foote - Medical Director, Medical Affairs
https://www.zoominfo.com/p/Bryce-Foote/2027575503
Robin Lewinter - Director, Medical Communications
https://www.zoominfo.com/p/Robin-Lewinter/-1363597264
Noah Mendelson - Director, Business Analytics and Forecasting
https://www.zoominfo.com/p/Noah-Mendelson/-1742457440
Ronald Weiss - Director, Commercial Analytics
https://www.zoominfo.com/p/Ronald-Weiss/1483324829
Daniel Miller - Director, Quality Operations
https://www.zoominfo.com/p/Daniel-Miller/-1951042085
Laura PikeSenior - Director, Investor Relations and Corporate Communications
https://www.zoominfo.com/p/Lora-Pikesenior/-1129145554
James Brauch - Principal Analyst, Business Development and Financial Modeling
https://www.zoominfo.com/p/James-Brauch/-1070896933
Emily Beaulieu - Corporate Affairs, Communications and Digitel Media
https://www.zoominfo.com/p/Emily-Beaulieu/-913625026
Kelly Rebori - Associate Director, Payer Contracting and Operations
https://www.zoominfo.com/p/Kelly-Rebori/-1659351453
Duncan Dewar - Information Technology Endpoint Architect
https://www.zoominfo.com/p/Duncan-Dewar/-1979255431
Almost forget...
On 12/31/2013 Keryx O/S at 83M.
On 12/31/2016 Keryx O/S at 106M.
On 12/31/2017 Keryx O/S at 119M.
_______________________________
So, at year-end 2013, Keryx O/S at 83M. Baupost comes in early Jan. 2014. At year-end 2016, Keryx O/S at 106M.
The difference between O/S 83M (2013) and O/S 106M (2016) is 23M shares. At year-end 2016, Baupost shows holdings of 25.8M. So, it appears every single newly issued share during 2014, 2015, and 2016, was placed with Baupost. Also tells you, seemingly/potentially, if above is true, that other TOP institutional owners’ holdings did not come from newly issued shares during 2014, 2015, and 2016, but rather from general selling into mm’s inventory and then “placed” (which is potentially what has been going on for past nearly 6 MONTHS at sub-$5).
Then of course you have Baupost conv. notes agreement announced on Oct. 15, 2015 which equates to 33.4M shares fully converted. Now, you might be wondering where the 33.4M shares from conv. notes
will come from..
On May 27, 2016, Keryx announced at Annual Meeting held on May 25, 2016, that stockholders approved amendment to Keryx’s Certificate of Incorporation to increase authorized shares by 50M shares of Common Stock. So Keryx increased authorized share capital by 50M shares to make good 33.4M shares. (Remaining 16.6M shares.)
As per Keryx’s 2017 Annual 10K filing on 2/21/2018, during 2017 Keryx sold 11.9M shares for net proceeds of $75.7M, which included initial $75M supplement and part of addtl. supplement, with $72.4M remaining from addtl. supplement - both supplements part of $250M self from Nov. 2016, with $100M shelf remaining.
So, year-end 2016 O/S of 106M plus 11.9M shares issued during 2017, equates to 117.9M which represents year-end 2017 O/S of 119M, with an addtl. 1.1M shares accounted for somewhere along the line.
So, the question remains, who was beneficiary of those 11.9M shares on 2017? Not Baupost, since Nasdaq’s Institutional Ownership report of 12/31/2017 published on Feb. 15th showed Baupost at same 25.8M shares.
Finally, keep in mind that as of 12/31/2017, $72.4M remains from addtl. supplement and $100M remains from $250M shelf.
ALL above, in my opinion, as always.
Well, at least my last post was not quickly thumbed-down like my first ever RMIT post yesterday which garnered 8 thumbs down, same topic. Although, my first ever post yesterday was just a simple question on the topic and today’s post actually deals with the topic. So why thumb-down a simple question on the topic and not thumb down the actual dealing with the topic? The answer, IMO, lies in that yesterday “they” made it too obvious and I called “them” out on it. Today, different tactic, no thumbs down just replies to discredit. On both counts, telling, very telling. So who’s “they”, “them”? The following an excerpt from a write-up which appears in an investor/financial blog from a couple of years ago........ALL IMO
__________________________
“The boards are carefully moderated to make it look like there is a fair discussion, with people who are both "for buying" and "against buying" but it turns out the moderatorship is sold to big-time investors by Yahoo!'s internet or marketing department. We can tell that YAHOO is selling the moderatorship of their message board as if it were an "online advertising medium" to secret corporate & Hedge Funds who are interested in misleading the average investor. Because of several reasons which I will elaborate in the next paragraph.In the next moments we will learn the way that moderators are creating the illusion of a fair discussion on the YAHOO! Stock message boards.The YAHOO! Message boards were widely considered fair and open. This is because it was assumed that "any #$%$ can post there" and therefore, anyone can have their voice heard. This means that interested parties on both the buy & sell side of a certain stock are, theoretically, being represented. But the truth is that YAHOO reserves the right to sell the moderator ships to interested investors. They did not prevent themselves from selling message board administration rights in their Terms and Services.IT turns out that in the course of my personal experience posting on the message boards, I recorded a video of a time when my message that had a particularly strong buy-side argument was deleted right infront of my eye (and your eyes, if you watch the video)!It shocked me. And it led me to unravel the following statement:YAHOO's message boards, visited by thousands of users who seek counsel in making investment decisions, found to be selling stealth police rights to secret moderators.Thanks for sitting with me. Best Regards, RG”
As you know, consider there’s a connection between KERX/RMTI and KERX/AMAG and have put forth connecting dots to support my thesis’. Yet, have never posted on either boards, RMTI or AMAG.
Last night I posted on the RMTI board for first time. The post is a link to an article related to FDA update on Triferic label warning dated April 2, 2018. The RMTI board was unaware of such information. My post received a reply from poster Anonymous. Poster Anonymous that frequents this board claims to be different than poster Anonymous who replied to my post on RMTI board. Poster Anonymous on RMTI board also posts here, difference between 2 is the icon (a similar situation exists with 2 posters under Dave handle). Also, a thread was created by poster cb2durango on RMTI board related to my posted link on Triferic label update. Check it out.
As I feel my thesis on a KERX/RMTI connection is strong dating back some 3+ years (as with AMAG) and a potential alliance might be in the cards, will start to post more frequently on RMTI board. See you there. (no stake in AMAG, so posting on AMAG board not under consideration).
Lastly, full disclosure, initiated a small position in RMTI broken down in 2 equal purchases, last week and this week, respectively, with cost basis $5.71.
ALL IMO
Folks, you might remember a couple of post from days back in which I put forth similarities between KERX and RMTI in terms of closeness of FDA approval dates (Sept. 2014 and January 2015, respectively), both peaked at $18 and shorted down to low single digit level, similitarities in short interest and price fluctuations during, precisely, past 3+ years, institutional owners, etc. Well, here’s a post from the RMTI board that you might find interesting..
RMTIlong 15 days ago
$RMTI conversation
“@Anonymous Yea I do. that's the point, we are all waiting for that day. And yea, no-one will care once Triferic starts making money. But if it sells in a year with no additional trials or any effort by RMTI you have to ask yourself why was it not sold 3 years ago.
The issue is a lot of insiders at RMTI including board members have stolen millions of dollars from us while saying we're close. The reality is THEY HAD IT 3 years ago, it's called FDA approval. Everything that has happened since has kept us investors from seeing a share price of $50.
Tell me Duke... why in the h@ll are we sitting here at $5?
RC is the smartest guy in the room. DR is the next. When they do finally release Triferic for sale and the SP goes to $20 you can calculate how many tens of millions they all make be holding back long enough to acquire millions of shares at about $5.
If they had released Triferic the day after FDA approval in the bundle as RC said in many CC they would never have been able to acquire those options for less than $20 a share, likely much more.
WE HAVE ALL BEEN PLAYED.”
ALL IMO
Nice day yesterday! Hopefully the positive momentum can keep going today with the futures up across the board.
* * $KERX Video Chart 04-11-18 * *
Link to Video - click here to watch the technical chart video
Fred, mein Arschloch tut weh. LOL!
@AnfuhreMitwut There’s only ONE hypo, and it’s SNY umbrella and KERX/AMAG/RMIT which in turn, so goes the ONE hypo, has to do with “a plan”, by design, which dates back to when BP made its first KERX purchase in Jan. 2014 via private placement.
The question is, what route the “powers” take with Keryx to get there, private or otherwise? Going-it-alone aka extended timeframe (don’t see it AT ALL). But, if so, as posted to you a few days back, would be a +/- 9-month “smoke and mirrors” scenario.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139943181
At $8, major reaming. At $13, still a reaming, but with some lubricant.
All IMO
@AnfuhrerMitwut Left me thinking with your potential extended timeframe. Here’s a follow-up to my original reply to your post, a tangled one at that, thinking outloud, here it goes..
Going back to my post, extended timeframe, don’t see it, things need to start happening NOW, probably already happening, can’t wait, time of essence, hence, my going out on a limb sating something in the cards around the corner. Why 5 months, into month 6, “hostage” scenario, has to be for a reason, a pre-cursor sorta speak. In other words, if your extended timeframe is
in the cards, why “hostage” scenario now and not later, closer to end game.
BUT, there is one caveat, a provision if you will, a hypothetical scenario, when considering your potential extended time frame. The extended timeframe, say 9 months, would serve as going-it-alone “smoke and mirrors”, calculated play, prior to OFFICIAL end game implementation - I’ll explain.
Regardless of a potential extended timeframe, say 9 months, Renvela generics out, competition fierce (i.e. Vifor Fresenius), time of essence, again, reason for my comment, “needs to happen now, probably happening now”. So, Auryxia extended IDA approval in place, Feraheme extended IDA approval in place, potential critical news around the corner for Triferic which finally sets TRUE commercialization in play (need to have been following Triferic’s story to understand what I’m referring to).
So, Auryxia and Feraheme ready (remember Helen Milton, VP Regulatory Affairs, at Keryx for Auryxia IDA sNDA, then switched to AMAG for Feraheme IDA sNDA). TRUE commercial roll-out of Auryxia and Feraheme “re-launch” with extended IDA label happening NOW, each under their own separate umbrellas, but connected, just that connection is “extra-official”, for now. Remember, Keryx Corporate Counsel, Brian Adams, gone - but you have AMAG’s Joseph Vittiglio, ex-boss of Adams at Aveo Pharma. Keryx VP Sales, Tony Chambers, gone - but you have AMAG’s Tony Casciano and Nicholas Grund, both ex-SNY, worked in SNY same timeframe as Keryx’s BOD Director Daniel Regan, Keryx’s CEO Greg Madison (also ex-AMAG), and Keryx’s CFO, Scott Holmes, not ex-SNY, but ex-AMAG as well. Connecting dots! So, again, TRUE commercial roll-out of Auryxia/Feraheme “re-launch” happening NOW. All comes together (including Triferic), OFFICIALLY, in say 9 months, so goes the caveat, extended timeframe aka going-it-alone “smoke and mirrors”, calculated play. But again, TRUE Auryxia roll-out happening NOW, time of essence, reason why manuf. agreements in place, 210 head count with 50+ organizational structure a la Big Pharma, expanded offices, hiring of 2 senior execs, etc. All the while, SNY “backdrop”, also “extra-officially”, while advancements take place. Factor-in, Fexeric EU approval expiring Sept. 23, 2018. EU partnership, again, SNY “backdrop”, waiting to “officialize”. All part of a calculated play and ONLY WAY to explain a potential extended timeframe aka going-it-alone “smoke and mirrors”. Why ONLY WAY to explain? - because, again, time of essence, can’t wait.
Now, as per poster Olorin, spoke with SNY IR, asked about SNY renal division downsizing/phase-out due to Renvela generics. SNY IR said topic may be addressed in upcoming quarterly cc on April 27th. So let’s see if SNY addresses - SNY has practically said ZILCH since Renvela sales started taking BIG hit from generics some 9 months ago (???). There’s also the variable of SNY fetching $2-$2.5 billion for its EU generics unit, Zentiva, expected to come to frution 3Q218. Also, let’s see what happens with Keryx’s 2018 Annual Meeting and date of such - proxy statement should be out momentarily, no??
So, here’s the potential extended timeframe “hidden inner workings” of going-it-alone “smoke and mirrors”, hypothetically speaking. As we know, despite mgt. bold statements of IDA launch and commercial roll-out preparations nearly a year ago, and IR recently stating, “preparing almost 2 years for IDA launch” (as per “hooligan” Yoshka/gwells), supposedly, scripts #’s not showing uptick. Well, suddenly, Auryxia sales/scripts #’s start to show a meaningful uptick and market penetration “magically” proceeds. This would serve as a calculated play directed at justifying and leaving the ugly past behind as follows, “it took longer than expected but it’s finally happening” haha. In other words, extended timeframe would serve to distance the past, address and deal with with “a plan” potentially being exposed and the need to “bury” such exposure via extended timeframe, say 9 months, aka going-it-alone “smoke and mirrors”. Further dilution withheld (i.e. execution of remaining $72.3M supplement), work with existing cash position, all part of “hidden inner workings”. In the end, same difference, all goes back to “a plan”, IMO, AMAG/RMTI, under umbrella SNY, embedded within. In other words, “extraofficially”, under the radar if you will, things happening NOW, under separate roofs, but all comes together and made “official” following potential extended timeframe.
It would potentially also buy time to further “shake-out” retail, in all 3 companies btw, KERX, AMAG, and RMTI, in pursuit of deep ownership by the “powers”, say 85%. Would buy time for sudden scripts #’s uptick, hence, uptick in pps, say $6s or $7s or $8, prompting retailing selling, weak hands, scared hands, that want out. After all, “powers” have been loading-up at dirty cheap “hostage” prices for months, serting-up a low cost basis prior to gobbling-up retail weak hands at $6s, or 7s or $8s, no?? Btw, concerning “shake-out” of retail, IMO, this forum has recently shown much activity geared towards prompting retail selling. Such is why you read posts a la scare tactics, fabricated negative scenarios, and promoting underlying notion that Auryxia is not making progress, that IDA addtl. indication is not the “panacea” that it was thought be, etc. IMO, all distort and deceive tactics - Auryxia is a WINNER, stock should be $10+ with IDA approval.
But, again, there’s the other side of the coin, 5 months, going into month 6, hostage” scenario. Why now, why the need for “machinations” starting with Nov. 7, 2017 with guidance withdrawal coinciding with IDA aporoval followed by “hostage” scenario. Why now and not later, closer to end game, if extended scenario in the cards. Has to be for a reason, a pre-cursor sorta speak. Reason why my going out on a limb, that something in the cards around the corner, maybe Keryx/AMAG alliance of sorts, potential change of name, Nasdaq Institutional Report of May 15th void, so as not to reveal machinations that have taken place in past months vis a vis “hostage” scenario.
Just thinking outload, looking at all possible angles.
ALL IMO
IMO, the Yoshka/gwells-IR contact scenario being played-out on this public message board is becoming quite troubling - never seen anything quite like it. From my viewpoint, it’s potentially looking more and more like a badly orchestrated “screenplay” that reeks and lacks any serious consideration or credibility.
An anonymous poster, clearly shown to be highly questionable at best (read posting history), self-portraying himself as a chosen conduit between company and investors on a public message board. A self-designated conduit announcing in advance everytime he’s going to contact IR seems rather odd - a set-up sort of speak. Normally, an investor contacts IR privately for any particular personal inquiries he or she may have and, if he or she feels compelled to communicate/share what he or she feels is important, than a post will surface from time to time. But repeatedly announcing, promoting if you will, seems like an orchestrated sequence which raises serious questions. Not to mention, IMO, the 2 previous IR contact posts from poster Yoshka/gwells which seem like something from a bad comic “screenplay”. Go back and take a close look and analyze said posts, the questions posed and replies that go along with them. Quite telling, IMO.
Now, the “hooligan” surfaces with some story about visiting a nephro, asking about Auryxia, and remarks from nephro as follows, “It works great but it’s too expensive for most patients and we don’t use it for nondialysis patients.” (why should I take as credible some story from someone who, IMO, has zero credibility). Folks, don’t know what it looks like to you but, to me, it looks like a “screenplay” in an attempt to reconcile ongoing “machinations” since and including what ocurred last Nov. 7th, day IDA approval was announced and day of 3Q2017 earnings cc. A “screenplay” directed at down playing Auryxia commercialization due to pricing and nephros not prescribing for IDA. Folks, do your research, find numerous studies, surveys, and research conducted, “visit “i hate dialysis.com”. Auryxia iron component has played a role from way before IDA approval, pricing as much an issue with other binders, and Auryxia costs benefits associated with reduction in IV put on display repeatedly. Folks, as one example, please take a look at the following..
https://www.spherixglobalinsights.com/wp-content/uploads/2017/11/Spotlight_RTD_Renal-Anemia_Q3_2017_FINAL.pdf
The nephrologist story, IMO, a “screenplay” directed at an attempt to reconcile and/or distort and distract from “hostage” pps, SUPPOSED slow IDA uptake, Madison comments some 11 months ago stating they had prepared and ready for IDA commercialization and, as per Yoshka/gwells, IR stating “preparing almost 2 years for IDA launch and that was facilitated by the infrastructure in place in part that was developed for Auryxia for hyperphospetemia.” - and so forth and so on.
You see folks, IMO, NOTHING adds up, the incongruencies are plentiful. Quite peculiar is Keryx’s CFO, Scott Holmes, stating 2 months ago in 4Q2017 earnings cc, “we expect prescriptions for iron deficiency anemia to almost solely come through the IMS” - YET, Pinky’s SF Friday scripts #’s are Symphony and not IMS (hmmmm).
Btw, the “hostage” scenario continues.
ALL the above, in my opinion.
continued...(would not let me post on Yahoo)
So, here’s the potential extended timeframe “hidden inner workings” of going-it-alone “smoke and mirrors”, hypothetically speaking. As we know, despite mgt. bold statements of IDA launch and commercial roll-out preparations nearly a year ago, and IR recently stating, “preparing almost 2 years for IDA launch” (as per “hooligan” Yoshka/gwells), supposedly, scripts #’s not showing uptick. Well, suddenly, Auryxia sales/scripts #’s start to show a meaningful uptick and market penetration “magically” proceeds. This would serve as a calculated play directed at justifying and leaving the ugly past behind as follows, “it took longer than expected but it’s finally happening” haha. In other words, extended timeframe would serve to distance the past, address and deal with with “a plan” potentially being exposed and the need to “bury” such exposure via extended timeframe, say 9 months, aka going-it-alone “smoke and mirrors”. Further dilution withheld (i.e. execution of remaining $72.3M supplement), work with existing cash position, all part of “hidden inner workings”. In the end, same difference, all goes back to “a plan”, IMO, AMAG/RMTI, under umbrella SNY, embedded within. In other words, “extraofficially”, under the radar if you will, things happening NOW, under separate roofs, but all comes together and made “official” following potential extended timeframe.
It would potentially also buy time to further “shake-out” retail, in all 3 companies btw, KERX, AMAG, and RMTI, in pursuit of deep ownership by the “powers”, say 85%. Would buy time for sudden scripts #’s uptick, hence, uptick in pps, say $6s or $7s or $8, prompting retailing selling, weak hands, scared hands, that want out. After all, “powers” have been loading-up at dirty cheap “hostage” prices for months, serting-up a low cost basis prior to gobbling-up retail weak hands at $6s, or 7s or $8s, no?? Btw, concerning “shake-out” of retail, IMO, this forum has recently shown much activity geared towards prompting retail selling. Such is why you read posts a la scare tactics, fabricated negative scenarios, and promoting underlying notion that Auryxia is not making progress, that IDA addtl. indication is not the “panacea” that it was thought be, etc. IMO, all distort and deceive tactics - Auryxia is a WINNER, stock should be $10+ with IDA approval.
But, again, there’s the other side of the coin, 5 months, going into month 6, hostage” scenario. Why now, why the need for “machinations” starting with Nov. 7, 2017 with guidance withdrawal coinciding with IDA aporoval followed by “hostage” scenario. Why now and not later, closer to end game, if extended scenario in the cards. Has to be for a reason, a pre-cursor sorta speak. Reason why my going out on a limb, that something in the cards around the corner, maybe Keryx/AMAG alliance of sorts, potential change of name, Nasdaq Institutional Report of May 15th void, so as not to reveal machinations that have taken place in past months vis a vis “hostage” scenario.
AnfuhrerMitwut, sticking with my conjecture of something in the cards around the corner. Don’t even want to think in terms of having to deal with this cluster %#&$ another 9 months.
Just thinking outload, looking at all possible angles.
ALL IMO
@Michele Hello Michele, always a pleasure to read your posts. Let’s take a look at the #’s from different angles..
Outstanding 12/31/2017 - 119M shares..
Baupost fully conv. notes - 33.4M shares..
Factor-in remaining $72.3M supplement @ avg. $4.50/share - 16M shares
Total Outstanding, Converted, and Supplement (TOCS) projected - 168.4M shares
(Reasons for factoring-in supplement, 1) Need for cash - $93.5M at end 2017, less est. $25M burn 1Q2018, leaves $68.5M at 3/31/2018 (plus 1Q2018 Auryxia net & license revenues, 2) placement of shares for ownership control.)
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So, projected 168.4M shares including conv. notes and supplement (TOCS). Let’s take a look at ownership..
Baupost - 25.8M plus 33.4M fully converted, total 59.2M shares or 35.2% of TOCS..
Abrams - 9.7M shares or 5.8% of TOCS..
Total Baupost/Abrams - 68.9M shares or 40.9% of TOCS (not quite majority ownership)
Now, if allocate 16M shares from supplement to Baupost/Abrams, brings total to 84.9M shares or $50.4% of TOCS (majority ownership).
__________________________
So, at end 2017, Baupost/Abrams need some 16M addtl. shares to gain majority ownership of TOCS. Where do they get $16M addtl. shares if not from remaining $72.3M supplement? As you point out, from open market purchases, but 16M shares from open market needs..
1) small institutions/funds selling; “hostage” sub-$5 for 5 MONTHS helps..
2) retail selling; at “hostage” sub-$5 not much retail selling (at end 2017, Nasdaq shows retail at 34% or some 40M shares)..
3) closing-out of Top Holders and “transfer” to Baupost/Abrams as in 4Q2017 with Consonance Capital closing-out 5.2M shares and Abrams picking-up $4M (Consonance and Abrams connected, “transfer” of shares, IMO, but need to know connection otherwise passes unobserved)..
Other 7 Top Holders at end 2017..
1- Vanguard - 7.9M shares or 4.7% of TOCS..
2-BlackRock - 6.1M shares or 3.6% of TOCS..
3-State Street - 5.8M shares or 3.4% TKOCS..
4-Rice Hall James Assoc - 1.9M shares or 1.1% of TOCS.,
5-FMR LLC - 1.7M shares or 1% of TOCS..
6-Clearbridge - 1.6M shares or 1% of TOCS..
7-Ameriprise Financial - 1.5M shares or 1% of TOCS..
Other 7 Top Holders total of 26.5M shares or 15.8 % of TOCS (not including allocation $72.3M supplement)
Between Baupost/Abrams and Other 7 Top Holders total of 95.4M shares or 56.7% of TOCS (not including allocation $72.3M supplement)
_________________________
Again, where do Baupost/Abrams get addtl. 16M shares? If not from Other 7 Top Holders closing-out and “transfer” of shares as with Consonance/Abrams, and not from $72.3M supplement, only other source would be small institutions/funds and/or retail selling.
____________________________
Now, how many shares held by retail and small institutions/funds at end 2017? Well, of 119M outstanding (this exercise excludes conv. notes and supplement) you have..
Baupost - 25.8M shares or 21.7%..
Abrams - 9.7M shares or 8.2%..
(Notice, Baupost/Abrams only 29.9% of 119M O/S)..
Other 7 Top Holders - 26.5M shares or 22.2%..
(Notice, Baupost/Abrams and Other 7 Top Holders combined only 52.1% of 119M O/S)
Retail - some 40M shares or 34%..
So total Baupost/Abrams and 7 Other - 62M shares or 52.1%...Retail - 40M shares or 34%..This leaves some 17M shares or 13.9% for small institutions/funds..
_______________________________
Michele, any way you cut it, for Baupost/Abrams to get majority ownership/control, they need one of the following or combination..
1-Top Holders closing-out and “transfer” of shares (represents 26.5M shares)..
2-Small institutions/funds selling (represents 17M shares)..
3-Placement of $72.3 supplement in favor Baupost/Abrams (represents some 16M shares)..
AND the BIGGEST challenge..
4-Retail selling (represents some 40M shares)..
(And, if we’re talking Baupost/Abrams in concert with Top Holders pursuing, say, 85% ownership/control at dirty cheap prior to end game, this would require massive “shake-out” of retail AND small institutions/funds.)
_____________________________
The point being, pps held “hostage” sub-$5, now low $4’s, going into MONTH 4 since start of 2018, IMO, responds to pursuit of massive “shake-out”, with remaining $72.3M supplement also in the cards.
How successful has “shake-out” been? Has there been closing-out of Top Holders and “transfer” to Baupost/Abrams? Has remaining $72.3M supplement been offered and sold? What does Keryx ownership look like at 3/31/2018? The answers to these questions will only be known on May 15th when complete Nasdaq Ownership Report is published.
The Report would/could reveal “machinations” and reflect on pps held “hostage” if it shows steep increase in ownership by any Top Holder, particularly if it shows Baupost steep increase in ownership. Remember, Baupost has shown no activity since conv. notes agreement on Oct. 15, 2015, 21/2 years ago (would be blatantly obvious). In this sense, a change of name prior to May 15th, would render a Keryx Nasdaq Ownership Report void.
But notice, so far, have not mentioned remaining $100 million shelf. In my post, went out on a limb, conjecturing, and wrote “something is in the cards and approaching, around the corner, the question is what exactly and what will be the value of Kerx shares upon announcement.”. This refers more to the ongoing pps “hostage” exaggerated and abusive situation which, IMO, is unsustainable and a pre-cursor to - something has to give soon sort of speak.
With regards to your post, “Your end of game prediction by May 15th is a bold call.”, if you read my post, the “change of name by May 15th” comment was made in relation to remaining $100 million shelf being employed. In other words, IF shelf is in the cards, IMO, the “change of name by May 15th” becomes even more pressing so “machinations” are not revealed in Nasdaq Ownership Report. If remaining $100 million shelf not in the cards, and your point is very well taken, then “change of name by May 15th” as it relates to remaining $100 shelf becomes irrelevant. Regardless, do think “something is in the cards and approaching” (pps “hostage” a pre-cursor) and, with regards to “change of name by May 15th”, do not discard possibility for reasons before mentioned.
Btw, should another round of conv. notes at dirty cheap surface at this juncture (like 1st round of $125M convertibles at $3.74), it would be unconscionable and represent the ultimate dirty blow to shareholders. Don’t see this happening since, again, it would be blatantly obvious.
Finally, to address your comment in reference to remaining $100 shelf ,”issuing that much stock at such low prices to facilitate a takeover would certainly lead to a class action lawsuit. Well, some would say that 5 MONTHS since Innovator Award winning Auryxia IDA approval for CKD non-dialysis, only oral approved treatment of its kind, with pps seemingly held “hostage” and sitting in low $4’s, and drawing from statements made by Keryx mgt. concerning Auryxia IDA launch and commercialization preparations going back 11 months, and IR recently stating “preparing almost 2 years for IDA launch” (as per “holligan” Yoshka/gwells), at the very least, raises serious eyebrows. Nevermind anything else..
All the above, in my opinion..
Fellow investors, once again, we the common shareholders of a publicly owned but seemingly privately run Keryx Biopharmaceuticals, have to find out about important developments with our company via our own due diligence.
As was the case with VP of Sales (Tony Chambers) departure thru Cafepharma....or Keryx’s wide organizational structure of 210 headcount thru zoominfo.com......or photos of expanded 27,300 sq. ft. offices with multimillion renovations thru glassdoor.com.....or Helen Milton PdD, VP Global Regulatory Affairs at Keryx Sept. 2014-May 2017 (Auryxia CKD/IDA Auryxia), then switching to AMAG, VP Regulatory Affairs June 2017-Present (Feraheme IDA)..... ..or Fexeric groundwork in Europe label/packaging/package leaflet thru Rxed.eu and ema.eurpopa.eu.......or recent National Sales Meeting in Miami thru Cafe Pharma.. and now Keryx receiving an Innovative Award for IDA thru National Kidney Flundation.
It seems the company has had no interest in keeping shareholders informed, on the contrary, it seems it has made a concerted effort to keep shareholders in the dark. Again, a publicly owned company run like a private company, IMO.
Finally, IMO, not clear on IR seeming to want to communicate thru some anonymous poster on a public message board. Two (2) rounds of talks yet, as per anonymous poster Yoshka’s/gwells’ reports from such talks, IMO, talks reflect some versions of “comic screenplays”.
What gives with these people, seriously????
ALL IMO
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Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of life-threatening diseases, including cancer and renal disease. Keryx is developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, and also affects a number of other key signal transduction pathways, including the JNK pathway, all of which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 has demonstrated both safety and clinical efficacy in several tumor types, both as a single agent and in combination with novel therapies. KRX-0401 is currently in Phase 3 clinical development for both multiple myeloma and refractory advanced colorectal cancer, and in Phase 2 clinical development for several other tumor types. Each of the KRX-0401 Phase 3 programs are being conducted under Special Protocol Assessment (SPA) agreements with the FDA. Keryx is also developing ZerenexTM (ferric citrate), an oral, iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of ZerenexTM in the treatment for hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is pending commencement under an SPA agreement with the FDA. Keryx also actively engages in business development activities that include seeking strategic relationships for its product candidates, as well as evaluating compounds and companies for in-licensing or acquisition.
Keryx is headquartered in New York City.
Keryx Biopharmaceuticals is traded on the Nasdaq Stock Market under the symbol "KERX."
Contact | |
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Investor Relations | IR@keryx.com |
Business Development | BusDev@keryx.com |
Clinical Trials | ClinicalTrials@keryx.com |
Employment Opportunities Company Website | jobs@keryx.com http://www.keryx.com/ |
Product candidate | Target indication | Development status |
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ZerenexTM (ferric citrate) | Hyperphosphatemia in patients with end-stage renal disease | U.S. Phase 3 program ongoing under SPA; Japan Phase 3 program ongoing by sublicensee (JT and Torii) |
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