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Pfizer CEO Albert Burla asked to sell millions of dollars in shares in his company on the day the pharmaceutical giant announced positive data for the coronavirus vaccine it is developing in collaboration with Germany’s BionTech, according to CNT. .
The company’s shares soared when Pfizer and BioNtech announced that, according to preliminary data, their vaccine is more than 90% effective.
The transaction was part of Burla’s regular program for periodic sales of Pfizer stock.
According to CNN, Burla sold 132,508 shares of Pfizer at $ 41.94, which is equivalent to almost $ 5.6 million.
A Pfizer spokesperson told CNN Business in an email that the transaction took place because the company’s stock had reached a predetermined price set by Bourlas on August 19.
Asked whether Pfizer and Burla had considered canceling the sale of the shares, so as not to give the impression that Burla was “taking advantage” of the good news, the spokeswoman clarified that “these are predetermined plans managed by a third shareholder.”
Another Pfizer executive, Executive Vice President Sally Susman, also sold shares on Monday as part of a predetermined plan. Specifically, it sold 43,662 shares at the same price as Bourlas, of $ 41.94, with a total transaction value that exceeded $ 1.8 million.
