KaloBios confirms Turing CEO and associates have acquired control of the firm

19 November 2015
mergers-acquisitions-big

Shares of KaloBios Pharmaceuticals (Nasdaq: KBIO) rocketed as much as 800% late Wednesday, after the company said that Turing Pharmaceuticals’ chief executive Martin Shkreli and associates have acquired control (over 50%) of the company.

KaloBios had previously announced that it would undertake a wind-down of the business. It also confirmed the company is in discussions with Mr Shkreli regarding possible direction for the company to continue in operation. The stock was trading at $10.86 (up 424.88%) by mid-morning (ET) today.

“We have received communications from Mr Shkreli informing us of his group's ownership position, and a proposal to continue the company's operations," said Ronald Martell, executive chairman of KaloBios. "Our board of directors is prepared to entertain any constructive proposal, which we will act upon promptly. Addressing short-term cash needs is our first priority, and we continue to be open to further dialogue," he concluded.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Pharmaceutical