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MOLN.US
id: 229
S.D. New York
CourtTwo adverse events occurred on April 26, 2022.
First, the CEO of Novartis AG, Vas Narasimhan, announced that EUA approval or a general approval for ensovibep was not forthcoming without additional testing. For months prior to that date, the company had been seeking Emergency Use Authorization from the FDA for COVID-19 treatment ensovibep the company was developing in collaboration with Novartis AG. This means that with waning global rates of COVID-19, the Company's chances of starting ensovibep sales were at best significantly postponed.
On this news, Molecular Partners' ADS price fell 16.17% to close at $13.89 per ADS on April 26, 2022.
Second, also on Molecular Partners AG announced that Amgen, its collaboration partner and investor of at least $50 million, for MP0310, treatment of certain types of cancer, has informed the Company of their decision to return global rights of MP0310 to Molecular Partners. This means that Molecular Partners lost a source of significant funds and will have to look for other potential collaborators.
Following the news, Molecular Partners' ADS price fell 37.37%, to close at $8.70 on April 27, 2022, a total decline of 47.5%, over 2 consecutive trading days, and 59.06% below the $21.25 per ADS IPO price.
Going back, there are grounds to believe that in its IPO documents, Molecular Partners overstated the clinical and commercial prospects of ensovibep and MP0310, damaging the investors. that had a negative impact on the price of Molecular Partners AG’s ADS.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
26 April 2022