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ImClone’s Waksal Back in Biotech With Plans for Spinouts

Sam Waksal is back. Five years after the cancer drug company he founded was sold to Eli Lilly & Co. for $6.5 billion, and four years after he served jail time in an insider trading scandal that ensnared Martha Stewart, Waksal is again making moves in the biotechnology industry.

The 65-year-old scientist and entrepreneur founded ImClone Systems Inc. almost 30 years ago, developing one of the first targeted cancer therapies. Waksal now plans to spin out two units of his new venture, Kadmon Corp., into publicly traded companies, and start a Kadmon China that may list on the Hong Kong Stock Exchange.