After insider trading scandal, US congressman drops campaign — but stays on the ballot; Junshi Biosciences applies for Hong Kong IPO
→ The US congressman who was charged with insider trading on a biotech stock last week has suspended his campaign for re-election. New York GOP Rep. Chris Collins, the first member of Congress to endorse Trump for president in 2016, said in a statement that quitting the campaign would best serve his circle.
“After extensive discussions with my family and friends over the last few days, I have decided that it is in the best interests of the constituents of NY-27, the Republican Party and President Trump’s agenda for me to suspend my campaign for re-election to Congress,” he said.
That statement comes just days after Collins insisted he would remain on the ballot running for re-election this November, despite the charges. And that actually might be true. Although he’s suspending his campaign, it turns out withdrawing from the ballot is a lengthy and complicated process.
In case you missed it, federal prosecutors charged Collins, his son, and another man with 13 counts of securities fraud, wire fraud, and false statements stemming from an alleged insider trading scheme involving an Australian biotech company called Innate Immunotherapeutics. According to the indictment, Collins tipped off his son and others that Innate had flopped a clinical trial before the info was made public. His son and others allegedly sold shares immediately after, saving hundreds of thousands of dollars in losses.
→ Shanghai Junshi Biosciences has applied for an IPO in Hong Kong — the ninth since the city opened up late April to pre-revenue biotechs — in the same week as BeiGene experienced a shaky debut following a historic $903 million raise. Junshi is one of the leaders in a growing crowd of Chinese drugmakers swamping the country with home-grown PD-1/L1 checkpoint inhibitors, with an NDA pending at China’s drug administration. Some of the proceeds, though, will also go toward the PCSK9 drug and Humira biosimilar that it’s developing, according to its filing.
→ Cumberland Pharmaceuticals, a Nashville, TN-based specialty pharma, has recruited former Amgen $AMGN staffer Adam Haeberle to serve as the company’s new senior director of clinical and regulatory affairs. In the role, Haeberle will oversee Cumberland’s product development team designing and implementing clinical trials. He joins Cumberland from Amgen, where he most recently worked as director of clinical development.