Shkreli's KaloBios buys drug program for Chagas disease; shares surge

4 December 2015

KaloBios Pharmaceuticals (Nasdaq: KBIO), which was recently acquired by Turing Pharmaceuticalss' controversial chief executive Martin Shkreli who has become head of business, said it has agreed to buy a drug candidate for Chagas disease.

Shares in the company surged over 40% on the Nasdaq Thursday.

KaloBios will buy the rights to the benznidazole program from privately-held Savant Neglected Diseases for an upfront payment of $2 million. Under the terms of the deal, KaloBios will also pay regulatory milestones and a royalty based on product sales. The transaction is expected to close in the coming weeks.

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