Billionaire Lewis Nets 730% Gain on Stock Behind US Charges
- Lewis received part of $400 million Mirati windfall this week
- Biotech company’s takeover by Bristol-Myers closed on Tuesday
Joe Lewis
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
British billionaire Joe Lewis has exited his stake in a biotechnology firm at the center of the US insider-trading case in which he pleaded guilty this week, cementing an eight-fold gain.
Boxer Capital, the firm for Lewis’s biotech investments, offloaded 6.9 million shares in Mirati Therapeutics Inc. on Tuesday when Bristol-Myers Squibb Co.’s acquisition of the cancer drugmaker closed, according to a regulatory filing. The stock was worth about $400 million based on the acquisition price of $58 per share.