Patrick Soon-Shiong accused of more conflicts of interest; Eli Lilly expands in San Diego
→ NantCell founder and recent appointee to the U.S. Department of Health and Human Services Health IT Advisory Committee Patrick Soon-Shiong is embroiled in yet another legal battle asserting conflicts of interest in his business dealings. This time, the suit claims he and two colleagues are low-balling shareholders by attempting to purchase a startup, Altor, at $19 million less than its most recent valuation, taking advantage of their positions on the board of the startup. Previous reports in STAT and Politico have drawn attention to other conflicts of interest in his business and non-profit work.
→ While Novartis is looking away from a United States expansion in response to President Donald Trump’s policies intended to provide jobs to American citizens, Eli Lilly is moving forward with its promise to invest in United States growth with a new $90 million expansion of its biotechnology center in San Diego.
→ A growing Heptares will continue its recent expansion in the UK by relocating to Granta Park, Cambridge, UK which will house its UK R&D team in 2018. They plan to have 130 employees on site to focus on discovery and clinical development.
→ Angion signed an exclusive license to aldosterone synthase-targeting compounds from ElexoPharm GmbH. “The novel ElexoPharm portfolio of compounds provides for a valuable source of new chemical entities in order to help Angion advance its programs in chronic kidney disease (CKD)”, said Itzhak Goldberg, Angion’s CEO in a statement.