The shares were sold July 19, after Novartis informed the FDA that it had inaccurate data in its approval application for its $2.1 million gene therapy Zolgensma, but before the public became aware of the scandal.
A Novartis spokesperson told SonntagsZeitung, a Swiss newspaper, that “the transaction was thoroughly checked beforehand and then approved accordingly. The person in question was not in possession of materially relevant information.”
The drugmaker is wrapped in controversy over its decision to delay informing the FDA about the erroneous data in its Zolgensma application until after it secured approval for the gene therapy that treats spinal muscular atrophy.
Novartis CEO Vas Narasimhan, MD, has defended the company’s decision to keep quiet about the manipulated data, saying patient safety was never threatened.
Read the full report here.
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