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Puma Bio's Desperate Money Grab Signals Breast Cancer Drug Trouble

The bankers at Citigroup and JPMorgan must have been advising Puma Biotechnology (PBYI) and its CEO Alan Auerbach to pull the proposed stock offering. Investor demand was simply not there to close the $150 million deal at a reasonable price. On Wednesday afternoon, as Citi and JPMorgan bankers worked the phones, Puma shares were plunging by almost 20%.

But Auerbach ignored the advice. He wanted the cash desperately, regardless of Puma's stock price. Get the deal done, even if you have to sell it to the shorts.

And that's what Puma's bankers did, managing to find buyers for 3.75 million...


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