The Arbitrage Spread for Horizon Therapeutics

An arbitrageor will buy the shares of a target company and not sell short the shares of the acquirer. The upside downside profile is fairly asymmetric, meaning that we stand to make less money than we stand to lose if the deal is not successfully completed. In order to mitigate that single event risk, we run a diversified portfolio. So we're not going to have 50% of our book just in this one deal or in another deal.