Even if Pfizer, Inc. (NYSE:PFE) doesn’t succeed in its bid for AstraZeneca Group Plc. (NYSE:AZN), it seems Pfizer’s executives will be doing just fine. The Guardian reported on Friday that Pfizer’s executives have made millions by selling some of their stake in the company just before renewing a $106 billion bid for British drugmaker AstraZeneca.
Pfizer first put in a bid for AstraZeneca, which is based in Slough, England, in January, and was rejected. The second bid came on April 28, but it seems executives sold their shares preemptively.
According to the Guardian’s report, Pfizer’s CEO, Ian Read, cashed in $10.6 million worth of shares on February 26, just a few weeks before the company’s bid for AstraZeneca was announced. Similarly, Frank D’Amelio, Pfizer’s CFO, sold $8.9 million worth of shares; several other Pfizer executives sold a combined $5.2 million in shares the same day.
Since the executives sold their shares, Pfizer’s stock has dipped 9 percent, down to $33.99 in February. Last week, the shares were trading even lower, at $29; a dip in share prices is typical of initial merger and acquisition bids.