September 9, 2014 | Hyperion Therapeutics has cancelled its acquisition of Israeli company Andromeda Biotech. The latter company is developing a treatment for Type I diabetes called DiaPep277. According to reports, Hyperion canceled the acquisition after discovering evidence that Andromeda employees falsified the drug’s clinical trial results. The acquisition was valued at hundreds of millions of dollars based on the approval and successful marketing of the drug. “Globes” reports that Andromeda was not directly informed that the acquisition was canceled. Andromeda Biotech was founded in 2007 and is headed by CEO Dr. Shlomo Dagan.