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Today's RNS states Tang crossed the 3% threshold on the 16th. But volume for the following 2 days was massive, particularly on the 18th when over 3.3m were traded. Or just under 2% of the company at the time. Another 2m+ today. Tang could already be a fair bit above their original disclosure if they've kept buying!

From Chat GPT

Tang Capital, along with Perceptive Life Sciences, submitted director nominees for Penwest Pharmaceuticals and sought shareholder support via proxy cards opposing management.

RTT News

They hold board seats in several biotech / pharma companies. For example, Kevin Tang is director or was director of multiple life sciences companies.

ir.herontx.com

+1

Taking stakes and pushing outcomes

Tang/Concentra (their acquisition vehicle) has made bids to buy entire biotech companies, sometimes while holding a significant minority stake, e.g., Kezar Life Sciences. They offered to buy all remaining shares and proposed contingent value rights to compensate for future drug program value.

Fierce Biotech

+2

Fierce Biotech

+2

They attempted with Acelyrin to intervene in a proposed merger with Alumis; Acelyrin adopted a “poison pill” defense offered, presumably because Tang was accumulating shares and making alternate offers.

BioSpace

Buy & shut ("zombie biotech") strategy

Concentra (Tang‑controlled), seems to actively acquire struggling biotech companies (often called “zombie biotechs”) and then shut them down, or otherwise crystallise value for shareholders. That’s a contrarian strategy that goes beyond passive investment.

P05

+1

So these are typical activist‑investor behaviors: acquiring stakes, nominating directors, pushing for changes, trying to influence outcomes.

Where they differ from “typical activists”

They don’t always seek to replace management, or at least not always in the public domain. Some offers seem more takeover / asset buyout focused rather than asking for board seats or governance overhaul in public view.

Some bids have been rejected, or met with defensive measures (e.g. the poison pill from Acelyrin) — so their activist style meets resistance.

BioSpace

Their focus seems quite specifically on biotech / life sciences, especially troubled companies, rather than broad sector activism. So their activism is more strategic / opportunistic rather than ideological or governance‑centric across many industries.

Conclusion

Yes — Tang Capital is an activist investor in many respects: they take stakes, propose board representation or change, make takeover offers, and try to affect corporate outcomes.

Tang Capital Management are activist investors. They buy struggling Biotechs trading at less than their intrinsic value and either make a bid themselves or encourage the board to wind up the business and distribute capital to shareholders. This could be the start of something!

A fair bit of de correlation between THX sp and Gold price. While typically they've moved almost in unison this has decoupled over the last week or so. Gold up around 3% since 05 Sep and THX down about 15% over the same time period. Sooner or later i think they come together again.

Incidentally ISA Investor i think we see an average realised price above $3250. We haven't had a single day below that price so far in the Quarter and im confident all the hedges have rolled off now. I think t the average should be above $3350!

When the maiden divi was announced in April gold was sitting around $3000oz. Now we're 20% higher than that price and the increase has all flowed to the bottom line. I believed before, and am even more convinced now that a special divi could be on the cards. Particularly as management, especially Segun, have large stakes and their interests are no doubt aligned with shareholders. If Gold can hold around $3600oz we could get a nice little bumper pay. Fingers crossed anyway

Jamie Ward took about 2 minutes to write that PRTC article if you can call it that. No mention of cash balance, royalties or equity stakes in unlisted companies. It was absolutely gumph

Seaport was valued at ~$770m at the last funding round. On a successful phase 2b id imagine they'd be worth more than $1bn

Some disconnect between PoG and the THX share price. We've got a little while to wait but financial results for Q3 in November are going to be blockbuster. Golds averaging above $3300oz vs $3187 for Q2. The longer we stay at these elevated prices, the higher that first number goes.

Profit taking was expected but I think this turns in short order.

Love all the ‘Thor’ posters in the background!

A series of Analysts (Jefferies, JP and one other i cant remember) are estimating Alzeihmers sales of cobenfy will reach $4.5bn (avg of the 3) by 2030, exceeding schiz sales of cobenfy. Even the low est. Of $3.9bn sales would add ~$80m of royalties to PRTC.

1st readout in psychosis is due this year, with 2 more readouts next year. They need 2 of the 3 to be successful.

I don't believe the drop today had anything to do with the United Therapeutics results. They would have released the press release at 1300 GMT. By which time we were already down 5%. If anything we were actually up slightly (from 115 to 116).

I agree with Dallo. The market doesn't like the strategy. I, probably like numerous others, thought Lyne would come in and shake things up a bit. In share price terms the strategy clearly hasn't worked since IPO and the market and investors were looking for a change. Instead we get more of the same.

Sorry not February, September

We must be at or very near capitulation now. Can't be too many sellers left in the market. Last time we were around 100p it rallied almost 50% in a few months. Im loathe to put more money in. But I think if we get near to £1 I'll probably buy a few.

Also the BMS Alzeihmers readout is due this quarter, I could have actually sworn they had said Feb. Rob Lyne said in the investor call that if its positive there could be significant upside to PRTC in additional royalties. Maybe that's the buy signal to wait for.

Are we seeing instis buying? Volume over the last few weeks has been massive. Normal volume seems to be around 300k per day but we've had about 8 sessions in the last 2 weeks with volume over 1.2 mil average. Some days as high as 1.8. That appears to be institutional buying to me.

Gold uo almost 1% this morning. Almost over $3500, surely 60p+ on the cards

I too was a little bit surprised at not only the patent cliff edge (and its impact on royalties) but also the prospective royalties/milestone slide in the presentation. I thought the milestone payments alone due from Royalty Pharma were in the region of $400m dollars (excluding royalties from BMS) but now it looks like theyre predicting less than that in total from both?

Does anyone know if the 2033 patent end date is the definitive end of all royalties to PRTC? Even if BMS get extensions or a patent on say Cobenfys use in Alzeihmers?

One thing I've thought, that no one else seems to have touched on is that once Gallop and Celea are both spun out. PRTC day to day expenses will be practically nothing. Certainly no R&D. They will in effect become a Holdings company. Gross Margin on Royalties will be 100%, with several years of tax losses to offset future tax expenses. 2027 onwards PRTC could feasibly be a profitable business. If management don't f it up of course.

Having a read of the Annual Report. Can't see anything glaringly obvious about Seaports latest fundraise or whether there are any convertible loan notes. In the Audit report the independent auditor actually confirms PRTCS fair value estimate of its stake in Seaport at $177m that's about 40% of the mcap.

Jeez! Well worth checking the accounts now for the other equity Holdings!

I was aware of this Dallo and this was my major concern. The only change from a funding perspective that I can see is that Vedanta received a small grant in April 25 of $3m. That wouldn't have been enough for this much dilution. There's been no reported funding round at Vedanta for 2 years. Unless they haven't disclosed it to the market!

Now they've changed the corporate deck to read 4% for Vedanta when last night it was 35%