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Congressman Bought Pharma Stock, Pushed Bill That Could Help It, and Bought More
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| Parent(s) |
Candidate
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| Contributor | RP |
| Last Edited | RP Apr 25, 2017 02:02pm |
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| Category | Scandal |
| Author | Justin Glawe |
| News Date | Tuesday, April 25, 2017 06:00:00 AM UTC0:0 |
| Description | Chris Collins put millions into a drug maker seeking FDA approval. Then he wrote legislation speeding drug approval. Meanwhile, his kids, staff, donors, and fellow Republicans chipped in.
The Republican congressman purchased $2.2 million worth of stock in Innate Immunotherapeutics as part of its initial public offering in late 2013, according to a previously unreported document Collins filed with Australia’s securities authority. The IPO prospectus said Innate would seek FDA approval of its drug to treat multiple sclerosis. More than a year later, Collins wrote into a bill language to expedite the FDA’s approval process for such drugs. Four months before the bill was signed into law, Collins again purchased stock in Innate, this time as much as $1 million, according to congressional financial disclosure records.
Ethics experts say all of this amounts to a conflict of interest that warrants investigation by the Office of Congressional Ethics and the House Ethics Committee.
Collins owns approximately $22 million worth of Innate stock, or 16.5 percent of the company, and sits on its board of directors, according to the company. Since the IPO, Collins’s children, his chief of staff, and a score of campaign donors have bought into Innate, whose stock price has tripled since its initial offering in 2013. |
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