Unconventional Capital Wisdom
Value, long-term horizon, worldly wisdom, growth at reasonable price

Kindred Bioscience: Significant Upside From Our Best Friends

Executive summary:

  • Companion animal market is growing and drug development is in its infancy.
  • Companion animal drug development needs significantly lower R&D costs and takes half the time of human drug development with lower risk.
  • Kindred management and team has significant biologic development experience that allows them to develop drugs in house while competitors use outsourcing.
  • Kindred CEO Richard Chin and Seth Klarman's Baupost both own significant stakes.
  • We see potential upside around 50-60% by late 2014 if CereKin, AtoKin and SentiKin NADA filings are submitted on schedule and FDA approval is received by early 2015.

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Company Overview

Kindred Bioscience (NASDAQ:KIN) is a California based company that focuses on the development of companion animal drugs. They utilize...

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