Secondaries Announced 9.26.17

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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: Intra-Cellular Therapies Inc.
Symbol: ITCI
Price: Last Trade $19.23
Trade Date: 9/28
Shares: 7.8 million ($150 million cash raise)
Underwriter(s) : J. P. Morgan Securities, Leerink Partners
Description: Intra-Cellular Therapies is developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases and diseases of the elderly, including Parkinson’s and Alzheimer’s disease.
Rating = Subscription Needed

Company: Westlake Chemical Partners
Symbol: WLKP
Price: Last Trade $24.10
Trade Date: 9/27
Shares: 4.5 million
Re-Offer Range: Subscription Needed
Underwriter(s) : UBS Investment Bank, Citigroup, Barclays, BofA Merrill Lynch
Description: Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets.
Rating = Subscription Needed

Company: Ascendis Pharma
Symbol: ASND
Price: Last Trade $37.10
Trade Date: 9/27
Re-Offer Range:Subscription Needed
Shares: 3.4 million ($125m cash raise)
Underwriter(s) : J.P. Morgan, BofA Merrill Lynch, Credit Suisse Securities
Description: Ascendis Pharma is a biopharmaceutical company applying its TransCon technology to develop a pipeline of sustained release prodrug therapies with best-in-class profiles to address significant unmet medical needs in rare diseases.
Rating = Subscription Needed