Visium’s Valvani Charged Over Drug Tips From Inside FDA
- Money manager accused in U.S. indictment of insider trading
- Ex-FDA official admits passing tips on generic drug approvals
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Visium Asset Management’s pipeline of profits led directly to U.S. drug regulators.
In an insider-trading case that rivals any in recent memory, federal prosecutors on Wednesday said Visium’s Sanjay Valvani had a source of information few others could boast of. Valvani got tips on generic drugs from a consultant he hired who duped an ex-colleague at the Food and Drug Administration to leak sensitive information, the U.S. said.