But instead she can now add some shadily-timed trading of Mylan stock to her growing list of "Things That Suck For Me Right Now."
Heather Bresch, the CEO at the center of EpiPen’s 471% price hike, sold 100,200 of her shares earlier this month and earned more than $5m from the sale.
Oh, Heather, if only that MBA from WVU had been genuine...
The transaction took place on 9 August, the same day Mylan – the drugmaker that manufactures EpiPen – released its most recent earnings report. Mylan spokeswoman Nina Devlin told the Guardian that the sale was “part of a 10b5 plan”. Typically, executives and directors of public companies who want to sell their stock establish a written 10b5 plan to do so. Most of 10b5 plans include a waiting period spanning days or weeks to avoid any suspicion of trading based on material non-public information. Simply put, 10b5 plans are used to avoid being suspected of insider trading.
On 8 July, Slate ran a story with the headline: “There’s absolutely no reason why an EpiPen should cost $300”. EpiPens are usually sold in packs of two for more than $600.
A month after Slate’s story was published, Bresch sold 100,200 of her shares. The transaction took place just weeks before more coverage of the EpiPen price hike caused the Mylan share price to drop from $49 on 18 August to $42.91 on 26 August. Bresch also received a 671% pay increase over the past nine years. She still holds 828,318 shares of Mylan.
She should really sell those.