[Form 4] Teledyne Technologies Incorporated Insider Trading Activity

Rhea-AI Filing Summary

OrbiMed Advisors LLC and OrbiMed Capital GP VII LLC filed Amendment No. 9 to Schedule 13D for Passage Bio (PASG). Following a 1-for-20 reverse split effective 14 Jul 2025, the funds sold 104,049 shares on 21-23 Jul 2025 at $5.51-$5.78 per share, trimming their position to 132,473 shares, or 4.25 % of PASG’s 3,120,295 shares outstanding. Falling below the 5 % reporting threshold makes this an exit filing for the group.

• Current power: 0 sole voting/dispositive; 132,473 shared voting/dispositive.
• Sellers: OrbiMed Private Investments VII, LP (OPI VII); OrbiMed GP is the GP of OPI VII and OrbiMed Advisors is the managing member of OrbiMed GP.
• Intent: OrbiMed will continuously review its investment and may buy or sell PASG shares depending on market conditions; no concrete corporate action plans were disclosed.
• Investor Rights: Registration, demand, piggy-back and Form S-3 rights under an amended & restated Investors’ Rights Agreement dated 21 Aug 2019 remain in force.

The filing signals that a long-time biotech-focused shareholder has materially reduced its stake, modestly increasing PASG’s public float and potentially altering future voting dynamics.

Positive

• None.

Negative

• Key long-term shareholder sold 104,049 shares and fell below the 5 % threshold, signalling reduced conviction and potentially creating near-term selling pressure.

Insights

Securities Analyst

TL;DR – OrbiMed cut PASG stake to 4.25 %, exiting 13D status; sentiment modestly negative.

OrbiMed’s sales of ~104 k post-split shares (~33 % of its position) reduce its influence and may pressure short-term trading as the market digests additional float. The exit below 5 % removes a reporting requirement, signalling reduced conviction. However, OrbiMed still holds >4 % and keeps broad registration rights, so future participation is possible. No operational commentary was given, so impact is mainly technical and sentiment-driven rather than fundamental.

Corporate Governance Expert

TL;DR – Large holder’s ownership drop shifts voting bloc; governance impact limited but noteworthy.

With only 3.1 m shares outstanding post-split, OrbiMed’s retreat from >5 % to 4.25 % marginally redistributes voting power among remaining shareholders. Because OrbiMed retains shared voting rights on its residual stake and maintains registration rights, the board’s control framework is unchanged. Still, reduced oversight by a sophisticated biotech investor could lessen shareholder activism potential. No board changes or proposals are planned.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bobb George C III

(Last) (First) (Middle)

1049 CAMINO DOS RIOS

(Street)

THOUSAND OAKS CA 91360

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TELEDYNE TECHNOLOGIES INC [ TDY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$555.95	07/22/2025		A		4,660		07/22/2026(1)	07/22/2035	Common Stock	4,660	$0	4,660	D

Explanation of Responses:

1. The options vest in three equal annual installments beginning July 22, 2026. The first vesting date is stated.

Remarks:

	George C. Bobb III	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did OrbiMed file Amendment No. 9 to Schedule 13D for PASG?

Because recent sales cut its beneficial ownership to 4.25 %, below the 5 % reporting threshold, making this an exit filing.

How many Passage Bio shares does OrbiMed now own?

OrbiMed reports ownership of 132,473 common shares after the 1-for-20 reverse split.

What prices did OrbiMed receive for the recent PASG sales?

Shares were sold at $5.76 on 21 Jul 2025, $5.51 on 22 Jul 2025, and $5.78 on 23 Jul 2025.

Does OrbiMed still have influence over Passage Bio?

It retains shared voting and dispositive power over 4.25 % of shares but no longer qualifies as a 5 % beneficial owner.

Could OrbiMed buy PASG shares again?

Yes. The filing states OrbiMed may acquire or dispose of shares in the future based on market conditions.