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Kevin Sobieski, the CEO of a tiny biotech firm with no FDA-approved products, just secured a $500 million government contract to 'fast-track' an experimental diabetes drug—while his company's board is stacked with former regulators who helped draft the approval guidelines.

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Kevin Sobieski, the CEO of a tiny biotech firm with no FDA-approved products, just secured a $500 million government contract to 'fast-track' an experimental diabetes drug—while his company's board is stacked with former regulators who helped draft the approval guidelines.