Activist Holdings

Kinnate Biopharma (KNTE)

OrbiMed Advisors – Major Stakeholder

OrbiMed Advisors, a leading investment firm, holds a significant stake in Kinnate Biopharma. They currently own 8,009,729 shares of this innovative clinical-stage oncology company, which accounts for 17% of the outstanding stock. On November 13, OrbiMed Advisors, in collaboration with Foresite Capital, submitted an expression of interest letter to the board of Kinnate Biopharma. The purpose of this letter is to explore the potential acquisition of all the remaining shares of the pharmaceutical company that are not already owned by OrbiMed and Foresite.

Nonbinding Expression of Interest

It is important to note that the letter is nonbinding. OrbiMed and Foresite have made it clear that they are not interested in selling their Kinnate shares to any other party or participating in any alternative change in control transaction. Their intention is solely focused on acquiring the outstanding shares to strengthen their position in the company.

Foresite Capital and James Tananbaum’s Involvement

Foresite Capital, founded by James Tananbaum, is a significant player in Kinnate Biopharma. Tananbaum, also a founding board member of Kinnate, has played an integral role in its growth. Currently, Foresite Capital holds a 29.2% interest in Kinnate, making it the largest stakeholder. Despite the challenges faced by Kinnate, with its stock dropping more than 60% this year, Foresite Capital remains committed to its investment.

Strategic Changes and Restructuring

In September, Kinnate Biopharma announced a reprioritization plan and a workforce restructuring as part of a strategic review of its business. These decisions were not taken lightly but were deemed necessary by Kinnate CEO Nima Farzan to advance their research efforts and ultimately deliver significant benefits to both patients and shareholders.

Increases in Holdings

Madrigal Pharmaceuticals (MDGL)
Baker Brothers has recently increased its stake in the pharmaceutical company to 1,987,702 shares, with an additional 154,274 underlying prefunded warrants subject to ownership limitations. Between Nov. 13 and Nov. 21, Baker Brothers purchased 288,315 Madrigal shares, with prices ranging from $135.68 to $190.50 per share. As a result, Baker Brothers now owns 9.99% of Madrigal’s outstanding stock.

Decreases in Holdings

Intapp (INTA)
Singapore state-investment company Temasek Holdings has reduced its holding in the professional enterprise IT firm to 17,146,805 shares. Through its wholly-owned subsidiary Anderson Investments, Temasek sold 2,500,000 Intapp shares at a price of $39.01 per share through a Nov. 17 offering. Following the offering’s close, Temasek now holds 24.6% of Intapp’s outstanding stock. Despite Intapp’s stock currently trading near $40.00, which is significantly below the 52-week high of $50.46, it has gained 53% year to date.

OneSpan (OSPN)
Altai Capital has recently decreased its stake in the authentication and security technology firm to 1,695,168 shares. Altai Capital sold 480,000 OneSpan shares between Nov. 13 and Nov. 21 at prices ranging from $10.04 to $10.18 per share. As a result, Altai Capital now holds 4.2% of OneSpan’s tradable stock, which is below the 5% threshold that would require disclosure of any further OneSpan stock sales.

On Nov. 13, OneSpan initiated a modified Dutch auction to acquire $20 million of its common stock, with per-share prices between $9.50 and $11.00. The tender offer is set to expire on Dec. 11. OneSpan has experienced a decline of approximately 10% in its value this year.