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