GlaxoSmithKline (ticker: GSK) and Johnson & Johnson (JNJ) were both early investors in
(CVRX), a maker of minimally invasive devices to treat heart failure and cardiovascular diseases.
When CVRx’s initial public offering converted pre-IPO preferred stock to common shares, GlaxoSmithKline owned 732,583 CVRx shares through a unit. Johnson & Johnson had overall ownership of 4.1 million shares, including stock options and warrants exercisable for 611,944 shares, leaving it CVRx’s largest shareholder.
But a GlaxoSmithKline unit bought another 275,000 CVRx shares through the IPO, paying the offering price of $18 each, a total of $4.95 million, according to a form GlaxoSmithKline filed with the Securities and Exchange Commission. The purchase raised GlaxoSmithKline’s stake to 1 million shares, making it CVRx’s fifth largest shareholder, according to S&P Capital IQ.
GlaxoSmithKline didn’t respond to a request for comment on the CVRx stock purchase.
CVRx stock has gained about 3% since the IPO.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
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