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Novartis executive sold shares before drug data manipulation made public
Source: Reuters
BUSINESS NEWS AUGUST 18, 2019 / 12:18 PM / UPDATED AN HOUR AGO
Novartis executive sold shares before drug data manipulation made public
VIENNA (Reuters) - An unnamed Novartis executive sold 925,400 Swiss francs ($946,000) worth of shares less than three weeks before the U.S. Food and Drug Administration (FDA) announced data from tests of its gene therapy Zolgensma had been manipulated.
Novartis announced the stock sale by an executive member of the board of directors or a member of the executive committee in a Swiss stock exchange filing dated July 19. The sale was first reported by Swiss newspaper SonntagsZeitung on Sunday.
A Novartis spokesman told Reuters, “As is usual in such cases, the transaction was thoroughly checked beforehand and then approved accordingly. The person in question was not in possession of relevant material information.”
The sale was made after the company had informed the FDA about the data manipulation but before the FDA announced it publically on Aug 6.
Shares in Novartis fell almost 3 percent the day after the FDA announcement.
-snip-
Novartis executive sold shares before drug data manipulation made public
VIENNA (Reuters) - An unnamed Novartis executive sold 925,400 Swiss francs ($946,000) worth of shares less than three weeks before the U.S. Food and Drug Administration (FDA) announced data from tests of its gene therapy Zolgensma had been manipulated.
Novartis announced the stock sale by an executive member of the board of directors or a member of the executive committee in a Swiss stock exchange filing dated July 19. The sale was first reported by Swiss newspaper SonntagsZeitung on Sunday.
A Novartis spokesman told Reuters, “As is usual in such cases, the transaction was thoroughly checked beforehand and then approved accordingly. The person in question was not in possession of relevant material information.”
The sale was made after the company had informed the FDA about the data manipulation but before the FDA announced it publically on Aug 6.
Shares in Novartis fell almost 3 percent the day after the FDA announcement.
-snip-
Read more: https://www.reuters.com/article/us-novartis-share-sale/novartis-executive-sold-shares-before-drug-data-manipulation-made-public-idUSKCN1V80IY
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