SEATTLE —
A Bristol-Myers Squibb finance executive was arrested Thursday on insider-trading charges involving three corporate deals including the company’s 2010 acquisition of ZymoGenetics.
The U.S. Attorney’s Office in New Jersey has charged Robert Ramnarine, BMS’s assistant treasurer for capital markets, with making about $311,361 in illegal profits from trades in ZymoGenetics, Pharmasset and Amylin Pharmaceuticals, according to court documents.
BMS announced an agreement to buy Seattle-based ZymoGenetics for about $885 million, or $9.75 per share, on Sept. 7, 2010.
According to a Federal Bureau of Investigation affidavit filed in federal court in New Jersey, Ramnarine learned in August about BMS’s plan to buy ZymoGenetics. Between Aug. 25 and 27 he bought options on Zymo stock through two brokerages accounts, selling the securities on Sept. 8 at a profit of more than $30,000, according to prosecutors.
The affidavit also details alleged insider trading in options of Pharmasset, which BMS considered buying but ultimately was acquired by Gilead Pharmaceuticals. While Ramnarine was tasked with conducting due diligence concerning BMS’s possible acquisition, according to the government, in November 2011 he purchased options that ultimately netted him more than $225,000 in profits.
Some options were purchased “from his office using his work-issued Blackberry,” says the FBI affidavit.
Ramnarine also is charged with making $55,784 in illegal profit from insider trading on information about BMS’s 47 billion acquisition of Amylin this past June.
Ramnarine has not yet entered a plea in the case.
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Drug executive charged over trading in ZymoGenetics
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