Large Enzon Holder Wants Company To Unlock Value

In a 13D filing on Enzon Pharmaceuticals Inc. (Nasdaq: ENZN), DellaCamera Capital disclosed a 5.2% stake (2,278,339 shares) in the company. The firm disclosed a letter to the company saying there is a troubling value disconnect in the stock. The firm requested the company hire an adviser to analyze various financial and structural options and implement a cohesive financial plan of action that would deliver increased value to the shareholders.

The firm said these options may include the rationalization of the Company's marketed products segment, including the sale of the Abelcet product line, along with the possible monetization of additional Company royalty interests. The firm said Enzon should also consider structural methods to unlock the value of the Company's LNA development platform.

Comments

[MagicCJA]

I am also a lare holder of ENZN, and have been for over a year. When the Company stated a year ago that they were going to sacrifice earnings for the next two year at least, in order to spend more $ deceloping the pipeline, I knew two things. I knew that it could result in much greater value some day down the road, and I knew that the performance of the stock was certain t suffer in the near term.
The analysis by Dellacamera is flawless. I agree on virtually every part of the valuation study. Since Icahn stepped in with 1.7 million shares earlier this year, I think that pharmaceutical companies will now put ENZN in play whether they hire a strategic banker or not.
After all, why wouldn't a pipeline starved phrma go after ENZN? It's so undervalued, with a oncology portfolio that has huge potential, it's like getting it for free.