Secondaries Announced 3.13.17

THIS POST HAS BEEN INTENTIONALLY DELAYED TO 6PM

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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. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Aurinia Pharmaceuticals Inc.
Symbol: AUPH
Price: Last Trade $10.54
Trade Date: 3/14
Shares: Reported 15 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Leerink, Cantor Fitzgerald
Rating =  Subscription Needed

Company: Physicians Realty Trust
Symbol: DOC
Price: Last Trade $18.88
Trade Date: 3/14
Shares: 15 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Morgan Stanley, KeyBanc Capital Markets, BofA Merrill Lynch, BMO Capital Markets, Raymond James, Citizens Capital Markets, RBC Capital Markets
Rating =  Subscription Needed

Company: Lantheus Holdings
Symbol: LNTH
Price: Last Trade $14.05
Trade Date: 3/14
Shares: 3 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Credit Suisse
Rating =  Subscription Needed

Company: Valeant Pharmaceuticals – BLOCK
Symbol: VRX
Price: Last Trade $12.11
Trade Date: 3/14
Shares: 27.2 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Jefferies
Rating =  Subscription Needed