Aurinia Pharma tumbles after takeover speculation cools on new exec hires, exec departure
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Aurinia Pharmaceuticals (NASDAQ:AUPH) plunged 14% after the company announced Thursday three new executive hires, including a new R&D chief, likely cooling speculation that the company may be acquired. Aurinia also disclosed that its chief commercial officer will be leaving next week.
Aurinia (AUPH) said Volker Knappertz, MD, will join AUPH as Executive Vice President, Research and Development to lead the consolidated R&D function, according to a statement. Aurinia disclosed in a Friday 8-K filing that Chief Commercial Officer Max Colao mutually agreed on Monday to cease his employment with the company.
The executive news comes as the company has been speculated as a takeover target for months including a report earlier this month that Aurinia (AUPH) could be a takeover target for Japanese pharma company Otsuka (OTCPK:OTSKF).
Aurinia (AUPH) has been the subject of rampant takeover speculation for months after Bloomberg reported in late October that
Bristol-Myers (BMY) indicated interest in acquiring AUPH. Biogen (BIIB) has more recently been seen as a potential acquirer of AUPH after a Stat News report said that Biogen is working with Goldman Sachs to find potential targets for the company.
Aurinia (AUPH) short interest is 10%.