SEC charges for­mer Medi­va­tion ex­ec with in­sid­er trad­ing pri­or to Pfiz­er ac­qui­si­tion

With­in min­utes of re­ceiv­ing high­ly con­fi­den­tial news that Medi­va­tion would be ac­quired by Pfiz­er for $14 bil­lion, Medi­va­tion ex­ec Matthew Panuwat rushed back to his work com­put­er and bought stock op­tions in an­oth­er mid-cap can­cer drug de­vel­op­er, In­cyte, whose val­ue he thought would ex­plode once the Medi­va­tion ac­qui­si­tion went pub­lic.

Sure enough, just four days lat­er, the an­nounce­ment of Pfiz­er’s ac­qui­si­tion of Medi­va­tion went pub­lic, and Panuwat’s In­cyte stock op­tions rough­ly dou­bled, reap­ing him more than $100,000 in prof­its, ac­cord­ing to the SEC’s new in­sid­er trad­ing com­plaint against Panuwat.

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