Excerpt: Could SAC have received an insider tip about pirfenidone from someone at InterMune? Or did an FDA official working on the drug's review, or possibly an outside advisor to FDA, provide early, non-public information to a trader at the hedge fund?
FBI and SEC officials aren't disclosing details of their InterMune trading probe and no one connected with SAC has been charged with any wrongdoing in this matter.
But let's take a look back at the crazy March-May 2010 time period for InterMune to see how an investor might gain access to insider information about the secretive FDA drug-review and approval process.
Investors were largely skeptical about InterMune and pirfenidone at the start of 2010. The company had conducted two clinical trials in IPF patients that yielded mixed results and many questions about the drug's benefit, if any.
Full article: SAC's InterMune Trade Probe May Reveal Corrupted FDA Drug Review – TheStreet.
