Baker Brothers Hedge Fund Makes $1.4 Billion on Synageva Buy
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Baker Brothers Advisors, the New York hedge fund run by Julian and Felix Baker, had its second billion-dollar gain on a biotechnology stock this year with the takeover of Synageva BioPharma Corp.
Baker Brothers, is largest shareholder of Synageva, which on Wednesday agreed to be acquired by Alexion Pharmaceuticals Inc. for $8.4 billion in cash and stock. The shares more than doubled after the news was announced, translating into a one-day paper gain of as much as $1.4 billion for Baker Brothers based on the 11.7 million shares the firm owned as of Jan. 7, according to data compiled by Bloomberg.
