Replies to post #99301 on Biotech Values

[mcbio]

Re: Altus

Of the bankruptcy list, Altus may get the booby prize for worst management ever.

www.ibj.com/lilly-completes-180m-purchase-of-alnara/PARAMS/article/21212

A VRTX spin-off no less, if I recall correctly.

[ghmm]

They certainly have my vote! Berkle has got to be the worst CEO I've ever encountered if I didn't know better I would guess he came to the office shut the door and slept (and I don't know better so maybe I am not far off).

Margolin had reaquired his technology at least for Trizytek
http://www.boston.com/business/healthcare/articles/2009/05/09/investing_dropoff_hurting_biotechs/

But it seems their IP is still around in another company:
http://www.altheatech.com/news-a-events/134-althea-technologies-acquires-altus-pharmaceuticalsr-assets-and-ip-portfolio

[DewDiligence]

Agreed. ALTU management not only found a way to botch routine manufacturing (#msg-12217651), but also messed up the application for an orphan designation, which is pretty hard to do (#msg-20953800). If that weren’t enough, they also had a fondness for lying to shareholders (#msg-31391096, #msg-31397935). I’m glad they’re gone.

[ghmm]

Just noticed your link. So basically Altus goes bankrupt and their technology is bought for 180 million!

[drbio45]

worst management for the shareholders but the new owners are made up of prior management

What was bad for the stockholders was good for the management.

Maybe the management wasn't as dumb as they look. They made out like bandits