KaloBios Pharmaceuticals announced that an investor group led by Martin Shkreli, famed CEO of Turing Pharmaceuticals, has acquired 70% of its outstanding shares.
The small San Francisco-based biotech also announced that Shkreli has been appointed to the position of Chief Executive Officer and his election as Chairman of the Board
Shkreli will continue as CEO of Turing Pharmaceuticals -- the biotech company at the center of the media storm over high drug prices after raising the price of Daraprim by 5,000% -- and the two companies will operate independently.
Shkreli's interest in KaloBios lies in promising cancer drug KB003, currently being tested in CMML, or chronic myelomonocytic leukemia, a rare cancer that primarly affects the elderly. KalosBio was given the okay by the FDA to start Phase I trials of KB003 in July.
Read the KaloBios press release