Friday, August 29, 2014
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Philly connection to guilty plea by Bristol-Myers Squibb executive on insider trading charges

Former Bristol-Myers Squibb executive Robert Ramnarine of East Brunswick, N.J., pleaded guilty Monday in federal court in Trenton to charges that he got rich by using advance knowledge of the company's pending acquisition on Amylin in 2012.

Philly connection to guilty plea by Bristol-Myers Squibb executive on insider trading charges

Former Bristol-Myers Squibb executive Robert Ramnarine of East Brunswick, N.J., pleaded guilty Monday in federal court in Trenton to charges that he got rich by using advance knowledge of the company's pending acquisition on Amylin in 2012.

The approximately $7 billion deal was a big one in the pharmaceutical world.

On a business level, both Bristol-Myers and AstraZeneca - which was a partner in the deal - need the revenue to invigorate their operations.

Bristol-Myers is headquartered in New York, but it has operations in Princeton, Plainsboro and East Brunswick.

On a legal level, the case points to cooperation between federal prosecutors and officials from the Securities and Exchange Commission.

New Jersey's U.S. Attorney, Paul Fishman, credited Dan Hawke of the SEC's Philadelphia office with assisting in the investigation that uncovered Ramnarine's purchases of stock futures based on inside knowledge of BMS plans. Fishman pegged the illicit gains at $311,361, with some of the trades related to other companies BMS was considering, such as ZymoGenentics Inc. and Pharmasset Inc.

Inquirer colleague Joe Distefano wrote about Hawke and his group on June 4. A link to the inquirer.com story is here.

A link to the federal document containing the charges is here.

 

 

David Sell
About this blog
David Sell blogs about the region's pharmaceutical industry. Follow him on Facebook.

For Inquirer.com. Portions of this blog may also be found in the Inquirer's Sunday Health Section.

Reach David at dsell@phillynews.com.

David Sell
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