Ex-Medivation Executive Faces SEC Insider Trading Allegations

A former Medivation Inc. business development executive made more than $107,000 in illicit profits trading on inside information, the SEC says in a complaint filed Tuesday in federal court in California.

Matthew Panuwat allegedly learned Pfizer Inc. was about to acquire his employer in 2016. He purchased a comparable biopharmaceutical company’s securities before the deal became public, expecting its stock price to rise on the news as well, according to the Securities and Exchange Commission complaint filed in the U.S. District Court for the Northern District of California.

Medivation began working with investment banks to evaluate its options after a ...