Biotech General Discussion

The $AKRO $NVO M&A announcement earlier was a strong signal, check our post after the ETNB acquisition for context. In addition, AKRO was in 4 of our 5 hedge fund favorite accounts.

Deal Terms

• $54/share cash + $6/share CVR tied to FDA approval of efruxifermin (EFX) for MASH cirrhosis

• 57% premium to Akero’s pre-deal price

• Adds Phase 3 FGF21 analog EFX to Novo’s metabolic portfolio

• FGF21 analogue EFX is the only treatment to show significant fibrosis regression in phase 2 in patients with compensated cirrhosis (F4)

We updated our Run-Up portfolio targets, which can see along with all the portfolio targets at the link below.

Thus far this year our Run-Up portfolio has yielded a 14.9% return (unaudited).

The next major update to our portfolios should be in mid-November when Q3 hedge fund holdings become available.

🔗 https://app.bpiq.com/analysts/portfolio-targets 

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Roche is stepping into the MASH/NASH race. The company will acquire 89bio (ETNB) for $14.50/share in cash (~$2.4B equity value). On top of that, shareholders get a CVR worth up to $6.00/share, bringing the total potential deal value to $3.5B.

The Asset

The prize is pegozafermin (pego), 89bio’s lead program for MASH/NASH.

• Pego is a glycoPEGylated FGF21 analog.

• Designed to drive weight loss, reduce liver fat, and improve fibrosis.

Summary

• Hedge fund holdings can help you discover new investment ideas

• We identified & follow the top biopharma-focused hedge funds

• Q2 hedge fund holdings reports were released on ~08/14/25

• This report focuses on top holdings of top biopharma hedge funds as of 06/30/25

Top Biopharma Hedge Funds