In the second quarter letter, Klarman spoke of the profits it made on investments such as Idenix Pharmaceuticals Inc (NASDAQ:IDIX). The biotech company helped make June Baupost's best month in five years. Idenix was acquired by Merck & Co., Inc. (NYSE:MRK)'s wholly-owned subsidiary Imperial Blue Corporation. Baupost exited the investment in early August. Baupost's returns in the second quarter were driven chiefly by its public equity portfolio, backed up by positive performance in distressed debt, real estate, and structured products as well.
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