CIBRA Capital Concentrates Portfolio with Major Merger Arbitrage Bet on Amicus Therapeutics

CIBRA Capital Ltd has aggressively expanded its stake in Amicus Therapeutics (FOLD), according to a recent SEC filing. The fund acquired an additional 1,476,861 shares during the first quarter, an investment estimated at $21.17 million based on quarterly average pricing. This strategic accumulation positions Amicus as CIBRA's top holding, now representing 11.78% of the fund's total assets under management (AUM). The total position now consists of 1,687,661 shares with a quarter-end valuation of $24.40 million, reflecting both the new acquisitions and share price appreciation. The investment is a classic merger arbitrage play. In December, BioMarin Pharmaceutical (BMRN) proposed to acquire Amicus Therapeutics for $14.50 per share in cash. By purchasing shares below this offer price, CIBRA aims to capture the price difference upon the deal's completion. While the boards of both companies have unanimously recommended the merger, the high concentration of the position introduces notable risk. Should the acquisition fail to close, Amicus shares could face a sharp correction. However, the fund's move suggests confidence in the deal's closure, as regulatory hurdles for rare disease therapeutics are typically minimal.