After Patent Loss... U.S. Bio Company Executive Makes Bold $40 Million Stock Purchase

On March 17, Leonard G. Baker Jr., a director at U.S.-listed Corcept Therapeutics Incorporated (NASDAQ: CORT), acquired nearly one million shares of the company’s common stock in an open-market purchase, representing an investment of about $3.3 million (roughly KRW 4 billion). At the same time, Corcept announced that the U.S. Court of Appeals for the Federal Circuit had upheld a lower-court ruling finding that Teva’s generic version of Korlym does not infringe Corcept’s patents for its Cushing’s syndrome treatment. The company expressed disappointment with the decision and said it is exploring judicial remedies. Earlier, on February 27, Corcept granted its Chief Business Officer, Gary Charles Robb, 140,000 ten-year stock options, with an exercise price that places the underlying share value at approximately $5.0 million (about KRW 6.5 billion).

Following the Federal Circuit’s decision, investment bank H.C. Wainwright lowered Corcept’s price target, highlighting heightened patent risk and the potential for intensified generic competition. Separately, late in 2025 Corcept received a Complete Response Letter from the U.S. Food and Drug Administration for its Cushing’s syndrome candidate relacorilant, indicating additional data will be required before it can secure marketing approval—underscoring ongoing regulatory challenges.

Based in Redwood City, California, Corcept is a commercial-stage biopharmaceutical company that develops and markets drugs designed to modulate the stress hormone cortisol to treat severe endocrine, oncologic and metabolic disorders. Its Cushing’s syndrome therapy Korlym represents a significant portion of its revenues. Teva, a global leader in generic pharmaceuticals and Corcept’s opponent in the patent dispute, stands to influence Corcept’s long-term revenue profile and R&D strategy depending on the outcome of the Korlym generic litigation.