Shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) are soaring once again in after hours trading as the comppany has just announced that they have agreed to acquire a Benznidazole Program for the Treatment of Chagas Disease from the privately-help pharmaceutical company Savant Neglected Diseases, LLC. The deal which is expected to close within weeks has KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) paying $2 million plus royalties and milestone payments based on total sales.
Martin Shkreli, Chairman and Chief Executive Officer, said, “We are pleased to execute this agreement with Savant as it is consistent with our mission to improve the lives of patients by developing therapies for neglected diseases of high unmet medical need. An estimated 300,000 patients in the United States are afflicted with Chagas Disease and this number is growing at an alarming rate. Benznidazole is an extremely important medicine that is currently unavailable in the United States or Europe. KaloBios will work to bring this vital therapy to help patients avoid progression to Chagas’ cardiomyopathy by offering early disease intervention.”
The stock decreased 5.33% or $1.65 during the last trading session, hitting $29.32. Approximately 925,486 shares traded hands. KBIO shares have risen 6352.08% since April 30, 2015 and are currently uptrending. It has outperformed the S&P500 by 6352.28%.
The institutional sentiment increased to 0.45 in Q2 2015. It’s up 0.04, from 0.41 in 2015Q1. The ratio improved, as 8 funds sold all their KaloBios Pharmaceuticals Inc shares they owned while 3 reduced their positions. 2 funds bought stakes while 3 increased their total positions. Institutions now own 6.90 million shares which is 22.14% less than the previous share count of 8.87 million in 2015Q1.
Opus Point Partners Management Llc holds 0.28% of its total portfolio in KaloBios Pharmaceuticals Inc, equating to 746,467 shares. Harbourvest Partners Llc owns 57,604 shares representing 0.01% of their total US portfolio. Moreover, Blair William & Co Il has 0% of their total portfolio invested in the company, equating to 53,635 shares. The California-based California Public Employees Retirement System has a total of 0% of their portfolio invested in the stock. Citigroup Inc, a New York-based fund reported 2,745 shares owned.
KaloBios Pharmaceuticals, Inc. is a biopharmaceutical company. The company has a market cap of $127.72 million. The Firm is focused on the development of monoclonal antibody therapeutics for diseases that represent a burden to society and to patients and their families. It currently has negative earnings. The Firm operates through the development of pharmaceutical products segment.