Biotech Values

[DewDiligence]

>IDIX – Did the SEC form 4… have any impact today?

No—the latest Form-4 filing is completely routine.

NVS has the contractual right to “true up” its IDIX equity stake to keep it at 56%. Thus, from time to time (the previous instance was in May 2008: #msg-29679615), NVS acquires a small number of IDIX shares directly from IDIX to offset increases in the share count from option exercises.

In today’s SEC filing, NVS bought 4,654 shares of IDIX, bringing its total holding to 31,304,751 shares. In other words, the new purchase represents less than 0.015% of NVS’ equity stake in IDIX.

http://sec.gov/Archives/edgar/data/1030617/000120919108050089/xslF345X03/c75039_4.xml


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