Bizjournals.com- A Massachusetts hedge fund that rolled a bet on biotech company Pozen has seen it pay off in a big way.

PAR Capital Management says in Securities and Exchange Commission documents that its stake in Chapel Hill-based Pozen (Nasdaq: POZN) was 5.01 percent as of April 14. PAR owned 857,585 shares of Pozen as of Dec. 31, 2007, regulatory documents say. As of April 14, its stake had been raised to 1,489,996 shares.

The hedge fund crossed the 5 percent threshold just two days before the U.S. Food and Drug Administration was set to make a decision on whether Pozen’s migraine drug, Treximet, could be sold in the U.S. Investors are required to file ownership statements when they gain more than 5 percent ownership in a company.

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