KaloBios Is Back From The Dead

Less than a week after announcing it was folding, KaloBios Pharmaceuticals has a chance to live on. An investor group led by Martin Shkreli, the controversial CEO of Turing Pharmaceuticals, has acquired more than 50% of KaloBios’s shares and has approached the biotech with a proposal to continue its operations. Shares of KaloBios, which traded below $1.00 on the day it announced the liquidation, surged as high as $13.00 on news of Shkreli’s investment. KaloBios has struggled since announcing in January the failure of a Phase II study of an antibody fragment to treat Pseudomonas infections in people with cystic fibrosis.