 Pacman or Sacman? |
That's not surprising, because the Wharton graduate avoids the press like the plague. Forbes magazine describes him as a "highly secretive investor (who) commands one of the highest performance fees in the business." Cohen, also a major art collector, founded S.A.C. Capital Advisors L.L.C. in 1992 with nine employees and $25 million in assets under management. In February, the firm employed more than 700 people and had $12 billion in assets, according to the company's Web site.
Cohen probably didn't need too much encouragement to buy Cephalon since its shares are cheap, having plunged more than 11 percent over the past three months. Recently, it has confirmed that questions have arisen over its marketing of the painkiller Fentora for purposes other than what's allowed by the FDA. The company has denied any wrongdoing.
Cephalon spokeswoman Sheryl Williams, in an interview with PhillyInc, says: "We have had an amazing journey. It could be a simple as simple as the fact that they have paid attention to that story."
In a recent note to clients, UBS analyst Annabel Samimy reiterated her buy rating on the stock, saying the warnings over Fentora won't have any impact on future sales, according to the Associated Press, adding that the analyst estimates peak Fentora sales of $370 million.
