Woodford’s Claim Against Sahm Adrangi

Earlier this year, investor Neil Woodford launched a lawsuit against Sahm Adrangi and the U.S. hedge fund, Kerrisdale Capital. Woodford claims that Adrangi and Kerrisdale irreparable damaged the reputation of the Irish biotech company, Prothena $PERA in which he was heavily invested, after Sahm Adrangi and Kerrisdale viciously and publicly criticized the ineffective of Prothena’s leading drug, NEODOO1. His investment is so strong in the company that Prothena makes a large part of the Woodford Patient Capital Trust, an investment trust focused on technology and healthcare companies. In their defense, Kerrisdale says that they conducted a months-long intensive research of the drug and consulted with international experts and other top leaders in the field.

Sahm Adrangi and Kerrisdale’s findings were released in November 2017 in a 29-page report. In reply, Woodford said all of the research was inaccurate and unsubstantiated. He said Kerrisdale and Sahm Adrangi realized this but didn’t care because in the present environment consumers are always ready to think the worst of any drug. However, Kerrisdale believes in its findings so strongly that it has shorted Prothena. The drug in question, NEODOO1, is an antibody that is supposed to treat a rare disease known as amyloidosis. Kerrisdale did the same thing with Allied Minds in 2015 which still hasn’t recovered.

And although he can’t sue them, he also blames the press for helping make this all so much worse. Woodford’s angst is exacerbated by the fact that he has had a number of big investments in recent years that have gone bad. Nevertheless, it does appear that things might get better for Prothena since its share values have slowly begun to rise since January. In addition, other companies in the WPCT are promising to get better in the near future. The present lawsuit appears to be just one part of the long-running feud between Sahm Adrangi and Woodford than anything else.

https://endpts.com/kerrisdales-sahm-adrangi-leads-a-brutal-new-biotech-short-attack-as-trial-results-loom/

Gary

One thought on “Woodford’s Claim Against Sahm Adrangi

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