KaloBios stock soars after investment from infamous drug CEO

Shares of cancer drug developer KaloBios Pharmaceuticals are skyrocketing after Martin Shkreli, the infamous CEO behind Turing Pharmaceuticals, took a majority stake in the company.

After KaloBios disclosed an investor group led by Shkreli acquired most of its stock, shares surged to as high as $11.87 after closing Wednesday at $2.07.

The former hedge fund manager came under fire in September when his company raised the price of parasitic infection drug Daraprim by over 5,000 percent.

Read more from The Associated Press.