One of the Best-Performing Hedge Funds in Recent Years Just Got Richer

Why Avoro Capital Advisors cheered Gilead’s deal to acquire Immunomedics.

(David Paul Morris/Bloomberg)

(David Paul Morris/Bloomberg)

Talk about hitting the jackpot.

Gilead Sciences’ deal to acquire Immunomedics for about $21 billion, or $88 per share, was a huge, unexpected windfall for several hedge funds after shares of Immunomedics nearly doubled to $86.84 on Monday following the announcement.

At the end of the second quarter, the biopharma company’s stock was the seventh-largest-long U.S.

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