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MOLN.US
id: 229, Created by , Scout
S.D. New York
Court
Two 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.
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
Collecting participants…

Molecular Partners AG ADR

Molecular Partners AG operates as a clinical-stage biopharmaceutical company, develops ankyrin proteins for the treatment of oncology and virology diseases. Its products candidates include Abicipar...

    Ticker
    MOLN.US
    ISIN
    US60853G1067
    CIK
    1745114
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    Wagistrasse 14, Schlieren, Switzerland, 8952