Insider Trading Spectrum: From Small-Scale Buddies To “Most Lucrative Inside Tip Of All Time”
SEC was able to trace trading patterns and relationships between former high school friends back to employees at Celgene and Sanofi; SEC also filed a complaint against a former hedge fund manager who made a record $276 million profit trading on insider information about Alzheimer’s disease drug bapineuzumab.
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Ongoing cases led by New York's Preet Bharara and other US attorneys are unlikely to be affected though their successors could focus on different areas; Boston US Attorney Carmen Ortiz resigned in December.
In past month, three individuals in biopharma space have been charged with insider trading despite efforts by companies and associations to protect confidential information; past sentencing suggests length of jail time former FDA official Gordon Johnston is likely to face.
With the failure of the second of four Janssen-led Phase III trials testing bapineuzumab, partners Janssen and Pfizer have elected to discontinue the bapineuzumab I.V. clinical development program. Nonetheless, the anti-amyloid-beta approach is still alive, as the field turns to early, pre-symptomatic intervention.