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Wednesday, September 27, 2006

SuttonBrook Capital Makes Good In AnorMED (ANOR) Investment

From 13D Tracker

In a 13D filing on AnorMED Inc. (Nasdaq: ANOR), SuttonBrook Capital disclosed a 6.36% stake (2.7 million shares) in the Company. This is up from the 450K stake the firm disclosed in a quarterly filing with regulators.

SuttonBrook said it paid a total of about $25 million for its shares, about $9.40 per share.

Yesterday, Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM) agreed to acquire AnorMED for $12 per share, which represented approximately a 21 percent premium over the closing price of AnorMED's shares on September 25, 2006.

Other small biotech companies SuttonBrook is making big bets in include: Neurocrine Biosciences Inc. (Nasdaq: NBIX), Ligand Pharmaceuticals Inc. (Nasdaq: LGND), Medicure Inc. (AMEX: MCU) and Threshold Pharmaceuticals Inc. (Nasdaq: THLD)

From the 'Purpose of Transaction' section of the filing:

"As part of the ongoing evaluation of this investment and investment alternatives, the Filing Persons and their affiliates may consider any or all of the following: (a) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (d) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board of directors; (e) any material change in the present capitalization or dividend policy of the Company; (f) any other material change in the Company's business or corporate structure; (g) changes in the Company's charter or bylaws or other actions which may impede theacquisition of control of the Company by any person; (h) causing a class of securities of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action similar to any of thoseenumerated above.

In addition, from time to time, the Filing Persons and their affiliates may hold discussions with the Company, other stockholders of the Company, or potential acquirers of the Company regarding the matters described in subparagraphs (a) through (j) above."

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