Waksal Buys Back Into Pharmaceuticals

Kadmon Pharmaceuticals, headed by Sam Waksal, the former ImClone Systems CEO who was imprisoned for an insider trading scheme that also snared Martha Stewart, has acquired Three Rivers Pharmaceuticals, a privately held drug company based in Warrendale, Pa., for an undisclosed sum. Three Rivers manufactures treatments for hepatitis C and a fungal infection. “Hepatitis treatment is on the verge of major change,” Waksal says. “With Three Rivers as a cornerstone, Kadmon will play an important role in the evolution of this global market.” The Securities & Exchange Commission has barred Waksal from serving as the director or officer of any public company. Kadmon’s lead investor is SBI Holdings of Japan.