Poor Big Pharma. Unscrupulous fund managers and analysts have allegedly been contacting company doctors and clinical researchers and trying to extract market-sensitive details about drugs in development.
This has got to such a level that, in the US, the Securities & Exchange Commission is investigating what could prove to be a new and pernicious form of insider dealing that targets Big Pharma and biotech companies.
http://seattletimes.nwsource.com/html/health/2002294596_topol01.html
Who would be a company executive in these times?
Well certainly not Samuel Waksal.
In 2003 the former ImClone boss Samuel Waksal agreed to pay $800,000 to settle some of the charges brought against him by the Securities & Exchange Commission and has been permanently barred from serving as an officer or director of any public company and received an injunction against breaking antifraud laws.
After learning of the FDA rejection of Erbitux on Boxing Day 2001, Mr Waksal bought " put options", in effect betting that the ImClone share price would dramatically fall and allow him to benefit. The sale of these options a few days later netted him $130,000.
It must be worrying that the SEC are crawling all over this. Insider is sure that those with a clear conscience will be fine.
http://www.pharmafocus.com/cda/focusH/1,2109,21-0-0-MAR_2003-focus_news_detail-0-76010,00.html
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