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Rangeley Capital Likes Pharma Company Pozen

Pharmaceutical company Pozen Inc., is a "favorite long idea" of event-driven hedge fund firm Rangeley Capital, according to founder and managing member Chris DeMuth .

In June, Pozen announced its acquisition of Tribute Pharmaceuticals Canada Inc. for $146 million. Pozen will have "significant excess cash to acquire new products" and its management team is strong, DeMuth said. The company's "shares trade for a significant discount to our estimates of the company's current underlying intrinsic value," he said via email on Jan. 3. Pozen has fallen almost 52 percent from its June 2015 high.