NEW YORK, Oct 25 (Reuters) - Sam Waksal, the former chief executive of ImClone Systems Inc, whose insider trading scam sent him and Martha Stewart to prison, on Monday announced an acquisition meant to catapult him back into the biotech game.
Waksal said his drug company Kadmon Pharmaceuticals has bought the privately held Three Rivers Pharmaceuticals, and that its treatments for hepatitis C, infections and cancer will be the backbone of his new enterprise.
"Hepatitis treatment is on the verge of major change," Waksal said in a release. "With Three Rivers as a cornerstone, Kadmon will play an important role in the evolution of this global market."
Kadmon did not provide financial details, although the Wall Street Journal valued the deal at more than $100 million. Waksal said Kadmon will keep Three Rivers' headquarters in Warrendale, Pennsylvania, and its manufacturing, distribution, commercial and administrative operations.
Waksal was convicted in 2002 of securities fraud, bank fraud, obstruction of justice and perjury. After paying $4.3 million in fines and serving five years in prison, he was released in February 2009.
The U.S. Securities and Exchange Commission barred Waksal from serving as a director or officer of any public company.
Three Rivers sells hepatitis C drugs, including the Infergen brand of interferon and its Ribasphere and RibaPak brands of the anti-viral drug ribavirin. But the products have tiny sales compared to leading interferons and ribavirins sold by drugmakers Merck & Co (MRK.N) and Roche Holding AG (ROG.VX) for liver disease.
Three Rivers also sells Amphotec for treatment of invasive aspergillosis, a dangerous systemic fungal infection, and a generic form of AstraZeneca Plc's (AZN.L) breast cancer treatment Arimidex (anastrozole). And it is developing new cancer medicines.
Tuesday, October 26, 2010
Ex-ImClone CEO and jailbird Waksal returns to biotech with deal | Reuters
via reuters.com
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Awesome !!!!
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