Biochem Execs Make Gains on 3TC Report

5 December 1994

Executives of the Canadian pharmaceutical company Biochem, which discovered lamivudine (formerly known as 3TC) and is developing the compound with Glaxo (Marketletter November 28), made a gain of C$581,250 ($421,755) on an investment in Biochem shares of around C$1.8 million.

The executives of the company were among 13 investors who privately purchased a block of 1.1 million shares in October, according to local reports. The company has said that the executives were not aware of the clinical test results announced at the end of November, which sent Biochem's stock price soaring on North American stock markets.

A company spokesperson said that the people who reported the results of the trials were Glaxo's scientific investigators. "We only got the results moments before they were put into a press release and disclosed to the public. It's proprietary information," she said.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK





Today's issue

Company Spotlight