Chris Collins speaks to reporters as he leaves the courthouse after a pretrial hearing in his insider-trading case, Thursday, Sept. 12, 2019 (AP Photo/Seth Wenig)

Trump par­dons Chris Collins, for­mer con­gress­man im­pris­oned for biotech in­sid­er trad­ing scan­dal

Just two months in­to a 26-month prison sen­tence for in­sid­er trad­ing, for­mer con­gress­man Chris Collins has been par­doned.

Collins is one of 15 peo­ple Don­ald Trump has par­doned in one of his last ex­er­cis­es of pres­i­den­tial pow­er. A House rep­re­sen­ta­tive of 7 years and the first sit­ting fed­er­al politi­cian to en­dorse Trump’s bid for pres­i­dent back in 2016, he was grant­ed a full par­don “at the re­quest of many Mem­bers of Con­gress,” ac­cord­ing to the White House.

The scan­dal that led to his res­ig­na­tion and land­ed him in prison re­volved around an Aus­tralian biotech named In­nate Im­munother­a­peu­tics, which had a lead drug for mul­ti­ple scle­ro­sis. Not on­ly did Collins’ fam­i­ly be­come the sec­ond largest share­hold­er and a board mem­ber, he was al­so an avid pro­mot­er of its stock, draw­ing in­vest­ments from neigh­bors, friends as well as fel­low mem­bers of Con­gress.

While his overzeal­ous pros­e­lytism prompt­ed a House ethics in­ves­ti­ga­tion in May 2017, he was ul­ti­mate­ly charged for pass­ing on the in­sid­er in­for­ma­tion — re­layed by the In­nate CEO to the board in June — that the com­pa­ny’s lead drug had failed a key tri­al.

At an am­ply pho­tographed pic­nic event on the White House lawn, Collins called his son, Cameron Collins, to tip him off so that he could sell his shares be­fore the in­evitable stock im­plo­sion once the pub­lic finds out.

It helped the younger Collins avoid $570,900 in loss­es. He al­so told his fa­ther-in-law and six oth­er stock­hold­er friends to sell, re­tain­ing around hun­dreds of thou­sands of dol­lars in to­tal.

When ques­tioned by the FBI, the con­gress­man lat­er ad­mit­ted, he lied.

“You had a du­ty to meet and you be­trayed that du­ty,” US Judge Ver­non Brod­er­ick of the South­ern Dis­trict of New York said to Collins at sen­tenc­ing.

Brod­er­ick lat­er de­cid­ed that his son de­served a more le­nient sen­tence, which amount­ed to five years pro­ba­tion in­clud­ing six months home con­fine­ment and 500 hours of com­mu­ni­ty ser­vice and a $150,000 fine.

Trump, though, chose to note high­light Collins’ “ear­ly ca­reer as a suc­cess­ful busi­ness­man and en­tre­pre­neur” and pub­lic ser­vice in a state­ment of clemen­cy:

Dur­ing his tenure in Con­gress, Mr. Collins was known for his par­tic­u­lar fo­cus on the well­be­ing of small busi­ness­es, agri­cul­ture, and sci­ences.

Collins could be re­leased in time for Christ­mas, two lawyers told Buf­fa­lo News.

Biotech Half­time Re­port: Af­ter a bumpy year, is biotech ready to re­bound?

The biotech sector has come down firmly from the highs of February as negative sentiment takes hold. The sector had a major boost of optimism from the success of the COVID-19 vaccines, making investors keenly aware of the potential of biopharma R&D engines. But from early this year, clinical trial, regulatory and access setbacks have reminded investors of the sector’s inherent risks.

RBC Capital Markets recently surveyed investors to take the temperature of the market, a mix of specialists/generalists and long-only/ long-short investment strategies. Heading into the second half of the year, investors mostly see the sector as undervalued (49%), a large change from the first half of the year when only 20% rated it as undervalued. Around 41% of investors now believe that biotech will underperform the S&P500 in the second half of 2021. Despite that view, 54% plan to maintain their position in the market and 41% still plan to increase their holdings.

Covid-19 vac­cine boost­ers earn big thumbs up, but Mod­er­na draws ire over world sup­ply; What's next for Mer­ck’s Covid pill?; The C-suite view on biotech; and more

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

You may remember that at the beginning of this year, Endpoints News set a goal to go broader and deeper. We are still working towards that, and are excited to share that Beth Snyder Bulik will be joining us on Monday to cover all things pharma marketing. You can sign up for her weekly Endpoints MarketingRx newsletter in your reader profile.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 119,800+ biopharma pros reading Endpoints daily — and it's free.

No­var­tis de­vel­op­ment chief John Tsai: 'We go deep in the new plat­form­s'

During our recent European Biopharma Summit, I talked with Novartis development chief John Tsai about his experiences over the 3-plus years he’s been at the pharma giant. You can read the transcript below or listen to the exchange in the link above.

John Carroll: I followed your career for quite some time. You’ve had more than 20 years in big pharma R&D and you’ve obviously seen quite a lot. I really was curious about what it was like for you three and a half years ago when you took over as R&D chief at Novartis. Obviously a big move, a lot of changes. You went to work for the former R&D chief of Novartis, Vas Narasimhan, who had his own track record there. So what was the biggest adjustment when you went into this position?

Endpoints Premium

Premium subscription required

Unlock this article along with other benefits by subscribing to one of our paid plans.

Amit Etkin, Alto Neuroscience CEO (Alto via Vimeo)

A star Stan­ford pro­fes­sor leaves his lab for a start­up out to re­make psy­chi­a­try

About five years ago, Amit Etkin had a breakthrough.

The Stanford neurologist, a soft-spoken demi-prodigy who became a professor while still a resident, had been obsessed for a decade with how to better define psychiatric disorders. Drugs for depression or bipolar disorder didn’t work for many patients with the conditions, and he suspected the reason was how traditional diagnoses didn’t actually get at the heart of what was going on in a patient’s brain.

Susan Galbraith, Executive VP, Oncology R&D, AstraZeneca

As­traZeneca on­col­o­gy R&D chief Su­san Gal­braith: 'Y­ou're go­ing to need or­thog­o­nal com­bi­na­tion­s'


Earlier in the week we broadcast our 4th annual European Biopharma Summit with a great lineup of top execs. One of the one-on-one conversations I set up was with Susan Galbraith, the oncology research chief at AstraZeneca. In a wide-ranging discussion, Galbraith reviewed the cancer drug pipeline and key trends influencing development work at the pharma giant. You can watch the video, above, or stick with the script below. — JC

Endpoints Premium

Premium subscription required

Unlock this article along with other benefits by subscribing to one of our paid plans.

Roche's Tecen­triq cross­es the fin­ish line first in ad­ju­vant lung can­cer, po­ten­tial­ly kick­ing off gold rush

While falling behind the biggest PD-(L)1 drugs in terms of sales, Roche has looked to carve out a space for its Tecentriq with a growing expertise in lung cancer. The drug will now take an early lead in the sought-after adjuvant setting — but competitors are on the way.

The FDA on Friday approved Tecentriq as an adjuvant therapy for patients with Stage II-IIIA non small cell lung cancer with PD-(L)1 scores greater than or equal to 1, making it the first drug of its kind approved in an early setting that covers around 40% of all NSCLC patients.

Rob Califf (AP Photo/Pablo Martinez Monsivais, File)

Biden like­ly to nom­i­nate Ver­i­ly's Rob Califf to lead the FDA again

Capping a controversially long period for the FDA to go without a permanent leader, President Joe Biden is likely to select Verily’s Rob Califf, a former FDA commissioner under President Obama, as the next FDA commissioner nominee.

A former Duke cardiologist and member of the prestigious National Academy of Medicine, Califf will be a welcome face for an agency grappling with high-profile retirements in CBER and CDER. He’ll also return to a role that he was comfortable in for a short stint at the end of Obama’s presidency. The Washington Post first reported the news.

FDA ad­comm votes unan­i­mous­ly in sup­port of a J&J Covid-19 boost­er two months af­ter one-dose shot

The FDA’s Vaccines and Related Biological Products Advisory Committee (VRBPAC) on Friday voted 19-0 in favor of authorizing a second shot of J&J’s Covid-19 vaccine to follow at least two months after the initial dose.

Regulators don’t have to follow VRBPAC’s recommendation, but they almost always do. Considering that the CDC’s advisory committee has already been set to review the expanded EUA, VRBPAC’s recommendation is likely to be adopted.

Tillman Gerngross, Adagio CEO

Q&A: Till­man Gern­gross ex­plains why his Covid mAb will have an edge over an al­ready crowd­ed field

If anyone knows about monoclonal antibodies, it’s serial entrepreneur, Adimab CEO, and Dartmouth professor of bioengineering Tillman Gerngross.

Even the name of Gerngross’ new antibody startup Adagio Therapeutics is meant to reflect his vision behind the development of his Covid-19 mAb: slowly, he said, explaining that “everyone else, whether it’s Regeneron, Lilly, or AstraZeneca, Vir, they all valued speed over everything.”

Endpoints Premium

Premium subscription required

Unlock this article along with other benefits by subscribing to one of our paid plans.