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  • BioSpecifics Technology Corp (BSTC) - Target ($52.94) Special Situations Update 0 comments
    Oct 15, 2009 10:38 AM | about stocks: BSTC, AUXL
    AUXL - FDA Approval should be coming soon according to Zacks Analyst.

    Expect BSTC takeout within months.


    BSTC will be taken out by AUXL. Auxilium received proceeds, net of offering expenses and underwriting discounts and commissions, of about $115.7 million. AUXL has around $70mm in cash on B/S and around $40mm credit facility.

    115.7 + 70 + 40 = 225.7 / 6.08mm shares of BSTC = $37 per share

    However, I believe AUXL will be forced to sweeten the offer price above $40, to the $45+ per share range.

    Note: The capital raising filing details beyond normal corporate G&A use, that the funds could be used for strategic or corporate acquisitions.
    Themes: AUXL, BSTC, healthcare, M A, Xiaflex, Auxilium, Bisospecifics, arbitrage, special situations, take private, take-private, takeover, merger, merger and acquisition Stocks: BSTC, AUXL
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  • BioSpecifics Technology Corp (BSTC) - Arb play. Buy - Target $52.94 (71% upside of fair value) Buy BSTC and/or short AUXL
    Sep 23, 2009
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