Cohen's SAC Capital Discloses 7% Stake in Merger Stock Pharmion (PHRM)
In a 13D filing this morning on Pharmion Corporation (Nasdaq: PHRM), Steve Cohen's SAC Capital disclosed a 7.1% stake (2,675,000 shares) in the company. The firm held 212,357 Pharmion shares at the quarter ended Sept 30, 2007.
Cohen's firm didn't make any direct requests of Pharmion, which is currently in a cash/stock merger agreement with Celgene Corporation (Nasdaq: CELG).
Based on the closing price of Celgene on Monday, the deal is worth $65.44 ($25 cash, $40.44 stock based on 0.837 ratio) per Pharmion share. Pharmion closed at $62.93 on Monday.