Apr. 2 at 6:38 PM
$IRWD I added 10k shares at
$3.54 today. Sarissa’s selling and Biogen’s Apellis bid is difficult to ignore though. Sarissa sold 6.7 million shares at a loss on March 17, exactly 14 days before Biogen announced its
$5.6 billion deal. With Susan Langer Denner on Biogen’s board, the information bridge is direct to Ironwood and raises the possibility Alex Denner knew a major buyer for Ironwood was no longer in play and exited early at
$3.05. In that context, an information advantage could have influenced Biogen to pass on Ironwood and pivot toward Apellis. This is not an accusation of wrongdoing, but Denner’s ties and history of settled allegations are well documented. Importantly, Sarissa trimming its stake does not mean the Goldman Sachs process is dead or that an acquisition is derailed. If a deal happens in 2026, the most common institutional whisper I hear is around
$8.50, which offers a solid premium without overpaying for a pipeline still awaiting final results.
