Soros boosts stake in NPS to 7.14%

Billionaire investor George Soros increased his stake in drugmaker NPS Pharmaceuticals Inc. this month to 7.14 percent from 6.8 percent.

Soros' Quantum Fund holds 3.29 million shares of the company, based in Parsippany, N.J., up from 3.14 million held in May, regulatory filings show. Michael Vachon, a spokesman for Soros Fund Management LLC, said the company doesn't comment on transactions.

Money-losing NPS Pharmaceuticals said last week that it will fire more than half its employees and stop preparation work to introduce the Preos osteoporosis drug, which was delayed by U.S. regulators. The U.S. Food and Drug Administration delayed Preos in March, requesting more information. The drug is already on the market in Europe, where it is sold as Rosklide.

Eliminating jobs will enable NPS to end the year with as much as $124 million, enough to let it survive for two years, the company said last week. The shares have dropped 59 percent this year.

"Soros knows our company well and knows it's a good time to invest given our low share price," said Brandi Simpson, a spokeswoman for NPS Pharmaceuticals.

The company's shares climbed 22 cents, or 4.6 percent, to $5.02 in after-hours trading Wednesday on the Nasdaq Stock Market. The stock closed at $4.80 in regular trading.

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Contributing: Marni Leff Kottle