OrbiMed Advisors Sells Supernus Pharma Shares for $2.1 Million
Samuel D. Isaly
OrbiMed Advisors LLC has sold Supernus Pharmaceuticals Inc. (Nasdaq: SUPM) shares for $2.05 million, according to an SEC filing.
The New York-based money manager, founded in 1989, sold 297,815 shares at an average price of $6.96 apiece. It still owns 3.3 million shares in in the Rockville, Md.-based company worth $23.8 million, based on the stock’s closing price of $7.20 per share on Dec. 5.
In September, Orbimed owned 3.6 million shares representing a 14.7% stake worth $41.5 million.
Supernus Pharmaceuticals, which focuses on development of drugs to treat central nervous system diseases such as epilepsy and attention deficit hyperactivity disorder, sold 10 million shares at $5 apiece to raise $50 million in its initial public offering in June.
OrbiMed is led by managing partner Samuel D. Isaly and invests in healthcare and pharmaceutical companies. It manages about $6 billion.
Isaly is a 44-year veteran in healthcare investing. He has been a pharmaceutical analyst at Chase Manhattan Bank, Merrill Lynch, Legg Mason and S.G. Warburg.
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