Mylan CEO sold $5m worth of stock while EpiPen price drew scrutiny

  • Heather Bresch sold 100,200 of shares on same day as release of earnings
  • Transaction was ‘part of a 10b5 plan’, which curtails insider trading suspicions

Heather Bresch, the CEO at the center of EpiPen’s 471% price hike, sold 100,200 of her shares earlier this month and earned more than $5m from the sale.

The transaction took place on 9 August, the same day Mylan – the drugmaker that manufactures EpiPen – released its most recent earnings report. Mylan spokeswoman Nina Devlin told the Guardian that the sale was “part of a 10b5 plan”. Typically, executives and directors of public companies who want to sell their stock establish a written 10b5 plan to do so. Most of 10b5 plans include a waiting period spanning days or weeks to avoid any suspicion of trading based on material non-public information. Simply put, 10b5 plans are used to avoid being suspected of insider trading.

Related: EpiPen CEO hiked prices on two dozen products and got a 671% pay raise

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