SEC backs Sinovac's case against activist investor who tried to take over; Bluebird pencils in $400M raise
→ An activist investor in Sinovac — one of the Chinese biotechs leading the race to develop a Covid-19 vaccine — has been charged by the SEC for cooking up a secret plan to take control of the company without disclosing his ownings. Jiaqiang “Chiang” Li and his firm, 1Globe Capital, agreed to pay civil penalties totaling $290,000 without admitting or denying the SEC’s findings. Sinovac and Li have been entangled in lawsuits since 2018, which is still ongoing in Antigua and Barbuda.
“The SEC decision highlights how Mr. Li and 1Globe’s illegal and improper actions negatively impacted Sinovac’s shareholders and reaffirms factual determinations made by the current rightfully elected directors of Sinovac,” the Beijing-based company said in a statement.
→ Bluebird bio spent a good part of last week explaining the bitter news that the FDA kicked back their application for ide-cel (bb2121) with an RTF. And they started this week with a $400 million raise, sending their shares down 3%. The last few months have been brutal for the trendsetting biotech, with shares $BLUE down 36% on a series of unexpected delays.