Turing Pharmaceuticals CEO buys 1.2 million KaloBios' shares

Nov 20, 2015, 01:55
Turing Pharmaceuticals CEO buys 1.2 million KaloBios' shares

Shares of KaloBios Pharmaceuticals are up no less than 800% in pre-market trading. KaloBios Shares were bought Monday-Tuesday in the range of 61 cents to $2.43.

KaloBios Pharmaceuticals Inc(NASDAQ:KBIO) increased 488.16% at the price of $12.18 recently on a traded volume of 5.10M shares, in comparison to 608,620.00 shares of average trading volume. The hedge fund manager turned pharmaceutical executive who became the center of a debate on drug prices after his firm Turing raised the cost of a drug used by AIDS patients by over 5,000% from $13.50 a pill to $750? Shkreli later said he would cut the price of the drug after an uproar. The stock advanced 1.78% to $ 30.83. This month it said it would eliminate most of its jobs, and on Friday it said it would wind down operations, which makes the Shkreli buyout all the more intriguing.

The company claim that their losses are a result of exactly that. The company repaid all of its outstanding secure loan obligations to MidCap Financial.

The troubled biotech confirmed that it was in talks "regarding possible direction for the company to continue in operation" with an investor group consisting of Shkreli, the Turing Pharmaceuticals founder and CEO, and associates. KaloBios shares surged nearly 5x to $10.20 after the company announced an investor group that includes Shkreli had acquired most of its stock.

Martin Shkreli

KaloBios is "very undervalued", Shkreli said.

Martell added that the company's board of directors is ready to entertain any constructive proposals, and will immediately take actions. "Addressing short-term cash needs is our first priority, and we continue to be open to further dialogue", he concluded Yahoo Finance.

Total capital expenditures ("CapEx") were $78.1 million for the three months ended September 30, 2015 and $519.6 million for the nine months ended September 30, 2015.

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