KaloBios Surges Seven-Fold After Investment From Martin Shkreli
- Stake comes after drug company planned to wind down operations
- Turing CEO facing drug-price criticism sees value in KaloBios
This article is for subscribers only.
Martin Shkreli, the Turing Pharmaceuticals LLC executive who drew criticism in August over a dramatic jump in a prescription drug price, made headlines Thursday for a different kind of price increase: a seven-fold surge in the shares of a microcap pharmaceutical company.
Shares of KaloBios Pharmaceuticals Inc. surged more than 600 percent after the company said yesterday an investor group led by Shkreli had acquired a stake of more than 50 percent. The investment comes a week after KaloBios said it planned to wind down its operations.