Caligan Partners LP
Caligan Partners LP is a specialty hedge fund and SEC-registered investment adviser founded in 2017 and headquartered in New York, NY. Led by David Johnson, the firm focuses on long-biased activist equity strategies, primarily in the healthcare sector, and manages investment portfolios for private funds and pooled investment vehicles. The firm typically serves institutional clients and is known for its activist approach. Employee count is estimated at under 10 based on industry data.
Investment Strategy
Caligan Partners employs an activist, long-biased equity strategy with a concentration in the healthcare sector. The firm actively engages in both long and short positions, targeting publicly traded healthcare companies. It pursues value creation through operational, financial, and governance activism, occasionally participating in distressed debt and high absolute return opportunities. Investment decisions are backed by deep fundamental analysis and efforts to influence target companies’ strategic direction when warranted.
Top Holdings
Equity Positions (16)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
V VRNA | VERONA PHARMA PLC | 26.13% | $135.9M | 1,436,878 | $16.89 | $94.58 | +$44.7M |
L LQDA | LIQUIDIA CORPORATION | 19.45% | $101.2M | 8,118,892 | $6.98 | $12.46 | -$18.6M |
E EXEL | EXELIXIS INC | 12.93% | $67.2M | 1,525,730 | $20.72 | $44.08 | +$10.9M |
A AGIO | AGIOS PHARMACEUTICALS INC | 6.85% | $35.6M | 1,071,258 | $29.24 | $33.26 | +$15.1M |
M MRUS | MERUS N V | 6.64% | $34.6M | 656,999 | $46.55 | $52.60 | +$18.7M |
Options Positions (1)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SLS | SELLAS LIFE SCIENCES GROUP I | New | Call | $5.0M | 23,000 | $2.19 | $2.19 | +23,000 | +$5.0M |