Stocks monitoring (September 26, 2020)
Illumina and Grail CEOs defend their deal to investors
Source: Statnews.com and Matthew Herper's thread of Twitter.
- $8 billion for a company with zero revenue and little scientific data when $ILMN top line is static. At least 5 years away from being anything. AND on top of all that it pisses off all your commercial diagnostic labs that you make the majority of your money from. Yea not smart
- $ILMN Retail and buy-side bank pumping this stock, likely to collapse again when Q3 results are released…
- Hans Bishop quote sounds a little condescending to the competitors. I think they have a legitimate argument to not be thrilled about this. And then he's basically saying they aren't even sophisticated enough to be in the multi-cancer screening business anyway.
- What he was saying is that if you are not developing a multi-cancer diagnostic (and only Thrive is) then that problem is completely different from liquid biopsy. It's a different set of problems.
Who is Hans Bishop
- “GRAIL is guided by its bold vision to improve cancer survival rates by creating a single blood test that can detect multiple deadly cancer types at one time,” said Mr. Bishop. “For much of my career, I’ve been involved in the fight against cancer, and during that time, I have seen real progress for patients. However, cancer is still the second leading cause of death globally, and I believe early detection is key to changing that. I’m excited to step into the CEO role at a time where the team at GRAIL has delivered such exciting results. I look forward to working with the Board and the entire GRAIL team in this new role to ensure a smooth transition as we advance our test toward commercialization.”
- Mr. Bishop has more than 30 years of experience in the biotechnology industry. He will continue to serve as the Executive Chair of the Sana Board of Directors and as a Director of Celgene, Agilent Technologies, and Lyell Immunopharma.
- Mr. Bishop founded Juno Therapeutics in 2013 and served as its President and Chief Executive Officer until the company was acquired by Celgene in March 2018. Prior to this, he served as an Executive in Residence at Warburg Pincus. Earlier, he was Executive Vice President and Chief Operating Officer for Dendreon, Inc. He also previously served as President of Specialty Medicine at Bayer Healthcare, Senior Vice President of Global Commercial Operations at Chiron Corporation, and Vice President and General Manager of European Biopharmaceuticals.
- Mr. Bishop holds a bachelor’s degree in chemistry from Brunel University in London.
Grail CEO Hans Bishop Buys $25 Million Atherton Mansion (September 2019)
- Married Seattle-based power couple Hans Bishop and Kate James
- Until early 2019, he was CEO and President of Juno Therapeutics, guiding the company through its eye-popping $9 billion sale to Celgene. Last year, the exceedingly well-compensated Bishop reportedly scored a $287 million payday on the heels of his company’s massive biotech buyout.