Secondaries Announced 3.20.18

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period.

Company: Arena Pharmaceuticals
Symbol: ARNA
Price: Last Trade $39.75
Trade Date: 3/22
Shares: 7.5 million
Underwriter(s): Citigroup, Leerink Partners, Cantor, Credit Suisse, RBC
Co-Manager(s): Guggenheim, JMP
Description: They are a biopharmaceutical company focused on developing novel, small molecule drugs with optimized receptor pharmacology designed to deliver clinical utility across multiple therapeutic areas.
Rating = Subscription Needed

Company: DBV Technologies
Symbol: DBVT
Price: Last Trade $22.01
Trade Date: 3/21
Shares: 6.8 million ($150 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Morgan Stanley, Goldman Sachs, Barclays, Deutsche Bank
Co-Manager(s): Bryan, Garnier & Co.
Description: DBV Technologies is developing Viaskin, a proprietary technology platform with broad potential applications in immunotherapy.
Rating = Subscription Needed

Company: TPG Specialty Lending, Inc.
Symbol: TSLX
Price: Last Trade $17.91
Trade Date: 3/21
Shares: 3.75 million
Re-Offer Range: Subscription Needed
Underwriter(s): J.P. Morgan, Wells Fargo, BofA Merrill Lynch, Morgan Stanley, Raymond James, RBC, Keefe Bruyette & Woods, Citigroup, Goldman Sachs
Co-Manager(s): TPG Capital BD, LLC
Description: TPG Specialty Lending, Inc. is a specialty finance company focused on lending to middle-market companies.
Rating = Subscription Needed

Company: Voyager Therapeutics, Inc. – Block
Symbol: VYGR
Price: Last Trade $21.17
Trade Date: 3/21
Shares: 1 million
Re-Offer Range: Subscription Needed
Underwriter(s): Morgan Stanley
Description: They are a clinical-stage gene therapy company, focuses on the development of treatments for patients suffering from severe neurological diseases.
Rating = Subscription Needed