While his resume appears impressive, Athenex Chief Operating Officer Jeffrey Yordon has always been in the proximity of disaster, including two class action lawsuits.
October 29, 2019 – As we move into the sixth installment of our coverage on Athenex, Viceroy reiterate our view that Oraxol is obsolete in the modern medicine, and that Athenex will be effectively bankrupt by mid-2020 with no profitable operations given management’s overenthusiastic spending habits.
This report further exposes management’s ties to impropriety and provides a broader summary of Athenex’s management & director teams.
- Yordon’s executive career started as President of LyphoMed, who’s CEO was sued by acquiring entity, Fujisawa Pharmaceutical.
- Fujisawa claimed LyphoMed filed false information with the FDA in connection with thirty five ANDAs. Information was either misrepresented, destroyed or was not recorded where it concerned adverse test results.
- LyphoMed’s CEO was none other than John Kapoor of Insys Therapeutics fame.
- Yordon claims to have founded Gensia Pharmaceuticals, when the business was in fact acquired from Kedall Co. while Yordon was employed at Gensia’s topco.
- Gensia’s share price collapsed upon flagship heart medication showing no statistical benefits.
- While employed at American Pharmaceutical Partners, Yordon and other senior management were sued for making misleading statements about the prospects of an anti-cancer drug.
- While director of Sagent, shareholders sued the company alleging that the board and its advisors failed to negotiate a fair deal for the company’s shareholders in a sale; agreeing to certain terms which only benefitted management.
- Yordon was CEO at the time of the engagement of the company’s investment bankers and establishment of the board’s “strategic committee” to evaluate such decisions.
We have already highlighted management’s involvement in Sino Forest, GCL Silicon/Poly, Suntech, Chelsea Therapeutics, the world’s largest illegal taxol smuggling operation, and now LyphoMed, Gensia and Sagent. It is mind blowing that Athenex would continue to associate with any one of these farces, let alone a collection such as this.
In light of all of the issues and questions Viceroy have highlighted, it is also alarming to shareholders that Athenex have not addressed a single point, opting instead to simply state we have published “inaccurate information”.
Where are the inaccuracies, Athenex?
Viceroy remain short Athenex.