A big sale by billionaire financier George Soros has rattled investors in Adams Respiratory Therapeutics, the specialty pharmaceutical company and maker of the popular cold and flu medicine Mucinex.
Two days ago, a fund controlled by Soros and his associates sold its entire stake in Adams, about 1.7 million shares, for proceeds of roughly $44 million. The fund, Perseus-Soros Biopharmaceutical Fund, was one of the company's largest and longest investors.
The sale comes as Adams faces potential competition from other drug makers that want to make a generic version of Mucinex, which makes up the bulk of its profits.
The Food and Drug Administration recently accepted applications from generic drug makers.
More here.
Two days ago, a fund controlled by Soros and his associates sold its entire stake in Adams, about 1.7 million shares, for proceeds of roughly $44 million. The fund, Perseus-Soros Biopharmaceutical Fund, was one of the company's largest and longest investors.
The sale comes as Adams faces potential competition from other drug makers that want to make a generic version of Mucinex, which makes up the bulk of its profits.
The Food and Drug Administration recently accepted applications from generic drug makers.
More here.
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