KaloBios' shares soar after Turing's Shkreli boosts stake
KaloBios Pharmaceuticals Inc's (KBIO.O)
shares surged more than seven-folds in extended trading after Turing
Pharmaceuticals Inc's controversial CEO Martin Shkreli bought 1.2
million shares of the company that is about to wind down its operations.The
shares were bought at prices ranging between 61 cents and $2.43 each on
Monday and Tuesday, a regulatory filing showed on Wednesday.
Shkreli now owns 1.6 million shares, making him Kalobios' largest shareholder with a 39 percent stake. (1.usa.gov/1NEabzX)
Kalobios, which had 4.1 million outstanding shares as of August 7, said on Friday it was winding down its operations and liquidating assets. The company said it would discontinue development of two blood cancer drugs.
Shkreli became the symbol of price gouging in September after Turing Pharmaceuticals raised the price of an AIDS and cancer drug, Daraprim, from $13.50 to $750 a tablet. He later said he would lower the price.
Last month he said he bailed from a losing bet he made on Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) after it was accused of accounting irregularities.
More than 5.5 million KaloBios' shares changed hands by 5.14 p.m. ET, over 5 times the stock's 10-day moving average. Up to Wednesday's close of $2.07, they have risen 130 percent over the last three days.
Shkreli now owns 1.6 million shares, making him Kalobios' largest shareholder with a 39 percent stake. (1.usa.gov/1NEabzX)
Kalobios, which had 4.1 million outstanding shares as of August 7, said on Friday it was winding down its operations and liquidating assets. The company said it would discontinue development of two blood cancer drugs.
Shkreli became the symbol of price gouging in September after Turing Pharmaceuticals raised the price of an AIDS and cancer drug, Daraprim, from $13.50 to $750 a tablet. He later said he would lower the price.
Last month he said he bailed from a losing bet he made on Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) after it was accused of accounting irregularities.
More than 5.5 million KaloBios' shares changed hands by 5.14 p.m. ET, over 5 times the stock's 10-day moving average. Up to Wednesday's close of $2.07, they have risen 130 percent over the last three days.
UPDATE 1-Shkreli leads group to buy 70 pct shares in KaloBios, named CEO
Read
more at
Reutershttp://www.reuters.com/article/2015/11/20/kalobios-ma-martin-shkreli-idUSL3N13F20M20151120#Kmfj7oBqFpBYDtTK.99
Nov 20 KaloBios Pharmaceuticals Inc
said it appointed Martin Shkreli as chief executive after the
controversial head of Turing Pharmaceuticals led a group of
investors to buy 70 percent of the drug developer's outstanding
shares.
Shkreli, who was also elected chairman of the KaloBios board, will work with the senior management to ensure continued operations, the company said in a statement late Thursday.
San Francisco-based KaloBios said earlier this month it was winding down its operations and liquidating assets and would discontinue development of two blood cancer drugs.
"We believe that KaloBios' lenzilumab is a very promising candidate for the treatment of various rare and orphan diseases," Shkreli said.
Shkreli and other investors have committed to an equity investment of at least $3 million in KaloBios and additionally to a $10 million equity financing facility, the company said.
He had bought 1.2 million KaloBios shares on Wednesday to raise his total stake to 39 percent.
Shkreli became the symbol of price gouging in September after Turing Pharmaceuticals drastically raised the price of Daraprim, a drug for treating a dangerous parasitic infection. He later said he would lower the price.
Note: lenzilumab - Immunoglobulin G1-kappa
Shkreli, who was also elected chairman of the KaloBios board, will work with the senior management to ensure continued operations, the company said in a statement late Thursday.
San Francisco-based KaloBios said earlier this month it was winding down its operations and liquidating assets and would discontinue development of two blood cancer drugs.
"We believe that KaloBios' lenzilumab is a very promising candidate for the treatment of various rare and orphan diseases," Shkreli said.
Shkreli and other investors have committed to an equity investment of at least $3 million in KaloBios and additionally to a $10 million equity financing facility, the company said.
He had bought 1.2 million KaloBios shares on Wednesday to raise his total stake to 39 percent.
Shkreli became the symbol of price gouging in September after Turing Pharmaceuticals drastically raised the price of Daraprim, a drug for treating a dangerous parasitic infection. He later said he would lower the price.
Note: lenzilumab - Immunoglobulin G1-kappa
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