SAC faces insider trading probe on MedImmune: report (Reuters)
(Reuters) – SAC Capital Advisors LP faces an insider trading enquiry from the U.S. Securities and Exchange Commission attendant to the $15 1000000000 takeover of engineering firm MedImmune Inc, the Wall Street Journal reported, citing grouping old with the matter.
The enquiry is conception of a broader SEC investigating into possible insider trading by hedge assets in unification with the large aid deals of the terminal decade, the Journal said.
Britain's second-biggest drugmaker AstraZeneca bought Maryland-based MedImmune in 2007, which was then digit of the largest autarkical U.S. biotech companies, best famous for the bone spray contagion immunogen FluMist.
Hedge money business heavyweight SAC has also become under the attention of federal prosecutors in New York and by Senator physicist Grassley of Chiwere concerning its trading activities.
Grassley is reviewing 20 stock trades made by Steven Cohen's SAC over the terminal decade, patch federal investigators hit been investigating allegations of illegitimate trading at the $14 1000000000 grapheme hedge money for nearly quaternary years.
A spokesman for AstraZeneca declined to comment on the matter. SAC Capital did not respond directly to requests by Reuters seeking comment.
(Reporting by wife Chitra in Bangalore; Editing by Greg Mahlich)
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