BMY - Aurinia Pharma tumbles after takeover speculation cools on new exec hires exec departure

• 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 possible 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%.

For further details see: