Martin Shkreli Sells Remaining Stake in KaloBios
29 August 2016 - 11:30PM
Dow Jones News
Martin Shkreli has sold his remaining stake in KaloBios
Pharmaceuticals Inc., severing his ties with the company he once
led as the small drugmaker seeks to distance itself from its former
chief executive.
Mr. Shkreli made the disclosure in a regulatory filing on
Monday, reporting to regulators that he sold all shares held by him
last week in private transactions, and as a result ceased to be a
KaloBios shareholder. He sold roughly 2 million shares at $3.10
each, according to the filing, valuing the stake at roughly $5.9
million.
Scott Vernick, a lawyer representing Mr. Shkreli, said his
client is "moving on, and wishes the company the best in the
future."
The South San Francisco-based rare disease drugmaker has said
Mr. Shkreli held a less than 14% stake in the company. KaloBios
shares closed Friday at $3.50.
KaloBios in July said it reached an agreement to limit Mr.
Shkreli's shareholder rights as continued attention garnered by Mr.
Shkreli, charged in December for matters unrelated to KaloBios, has
taken a toll on the pharmaceutical company's efforts to get back on
its feet. The agreement included an option for the company to
repurchase his shares.
The company filed for bankruptcy protection not long after Mr.
Shkreli was arrested, and the firm announced it emerged from
chapter 11 in early July. At the time of his arrest, Mr. Shkreli
was trying to land the rights to the drug benznidazole.
FBI agents arrested Mr. Shkreli at his Manhattan apartment last
year over accusations he misled investors in his hedge funds and
looted a publicly traded company to cover losses. Mr. Shkreli
denies the criminal charges. He was widely criticized for
increasing the price of anti-parasite drug Daraprim by
fiftyfold.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 29, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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