A former Pfizer employee and his close friend were arrested Thursday morning on charges they illegally used insider information about breakthrough results from the trial of the pharmaceutical giant’s anti-covid medicine Paxlovid to profit off its stock.
Amit Dagar, who worked on the Paxlovid trial, bought options betting Pfizer’s stock would rise hours after learning from his supervisor in November 2021 that the company was planning to announce the medicine would be a “game changer” in combating the pandemic, the government alleges. Dagar also allegedly tipped off Atul Bhiwapurkar, a friend and business partner, who followed suit.
Attorneys for Dagar and Bhiwapurkar denied the charges. “Nobody at Pfizer ever told Mr. Dagar, who was on the ‘blinded’ side, the results of the Paxlovid trial,” Patrick Smith, an attorney for Dagar, said in an email. He said Dagar “looks forward to defending himself in court.”
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