BioCentury
ARTICLE | Finance

Consolation prize

Why Denner isn’t put off by his failure to derail Astex-Otsuka deal

October 21, 2013 7:00 AM UTC

While Alex Denner's campaign to derail Otsuka Pharmaceutical Co. Ltd.'s takeout of Astex Pharmaceuticals Inc. fell short, his hedge fund still made $1.1 million on its two-month investment.

Sarissa Capital Management began taking a position in Astex in mid-August, and had purchased 459,387 shares at $5.13-$6.61 by the close of Sept. 3, the day before media reports of a potential bid from Otsuka...