New Filings Reveal How Pfizer Inc. (PFE) Executives Made Millions Before Bid For AstraZeneca PLC (AZN)
5/19/2014 8:25:54 AM
Pfizer executives made millions by cashing in their shares in the US pharmaceutical firm, just weeks before renewing a £63bn bid for AstraZeneca.
Ian Read, Pfizer's chief executive and public face of the takeover bid, sold $10.6m in shares on 26 February, according to regulatory filings. Frank D'Amelio , chief financial officer, sold $8.9m of stock on the same day. Other Pfizer executives offloading shares included Loretta Cangialosi, the firm's principal accounting officer and controller, who sold $3.1m in shares on 3 March. Mikael Dolsten, the president of research and development, got rid of $2.1m worth on the same day.
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