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  • Former Pfizer employee...

Former Pfizer employee convicted of insider trading on COVID drug Paxlovid trial

Written By : Ruchika Sharma |Medically Reviewed By : Dr. Kamal Kant Kohli Published On 2024-01-22T10:11:48+05:30  |  Updated On 26 March 2024 3:30 PM IST
Alloy Therapeutics collaborates with Pfizer to develop new antibody discovery platformPfizer
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A former employee of Pfizer Inc was convicted of insider trading on Thursday for buying stock options in November 2021 just before Pfizer announced clinical trial results for the COVID antiviral drug Paxlovid, federal prosecutors said.

A federal jury in Manhattan found Amit Dagar, 44, of Hillsborough, New Jersey, guilty on one count of securities fraud, prosecutors said. Prosecutors alleged Dagar had traded and tipped a friend on Nov. 4, 2021, the day before the drug maker announced that Paxlovid had performed well in the trial.
U.S. Attorney Damian Williams said the verdict is a warning to "would-be insider traders tempted by the prospect of easy money."
An attorney for Dagar did not immediately reply to a request for comment.
Dagar was a senior statistical program lead for the Paxlovid drug trial, according to the U.S. Securities and Exchange Commission's parallel civil case against Dagar and his friend Atul Bhiwapurkar.
Read also:
Paxlovid treatment fails to prevent long COVID in vaccinated, nonhospitalized individuals
Bhiwapurkar pleaded guilty to securities fraud in October.
The charges carry maximum sentences of 20 years, but any sentences would likely be much lower and would be imposed by the judge based on several factors.
Original news source: https://www.reuters.com/business/healthcare-pharmaceuticals/ex-pfizer-employee-convicted-insider-trading-covid-drug-trial-2024-01-18/
Read also: Pfizer Gets CDSCO Panel Nod to Study Sisunatovir in Adults With Respiratory Syncytial Virus Infection
pfizerpfizer mewsinsider tradingCOVID 19coronaviruscovid drugpaxlovid
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

    Dr. Kamal Kant Kohli
    Dr. Kamal Kant Kohli

    Dr Kamal Kant Kohli-MBBS, DTCD- a chest specialist with more than 30 years of practice and a flair for writing clinical articles, Dr Kamal Kant Kohli joined Medical Dialogues as a Chief Editor of Medical News. Besides writing articles, as an editor, he proofreads and verifies all the medical content published on Medical Dialogues including those coming from journals, studies,medical conferences,guidelines etc. Email: drkohli@medicaldialogues.in. Contact no. 011-43720751

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