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After Allegations, Isaly Leaves OrbiMed

Sam Isaly, founder of the biotech hedge fund OrbiMed Advisors, is leaving the firm following allegations of sexual harassment, Stat News reports. It notes, however, that OrbiMed says in a statement that the 72-year-old Isaly is taking a planned retirement.

In an article earlier this week, Stat reported that five former OrbiMed employees said Isaly harassed them. In particular, one told Stat that Isaly repeatedly showed or sent her pornographic material, while others said he told raunchy jokes and made demeaning comments. The employees who complained said they were met with "sympathy, but no action," it adds.

Isaly said he didn't recall the incidents, and OrbiMed says it will be investigating, Stat News adds.

Stat News says that when it sought comment from Isaly Monday regarding the accusations of sexual harassment against him, Isaly said he had no retirement date set. It adds that this announcement of his retirement came as Stat was seeking a response to additional complaints since made against Isaly.

According to the company's statement, a committee that includes Sven Borho, Carl Gordon, and Jonathan Silverstein will take over Isaly's role as managing partner.

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