Between clinical trial results, open-label trials, licensing and collaboration discussions, and acquisition or sale talks, development and clinical-stage public biopharma companies and their insiders often possess material, nonpublic information.
Preventing Insider Trading at Biopharma Companies
Biopharma companies and their insiders often possess material, nonpublic information. And since company equity usually makes up a large part of insiders' compensation, legal issues arise when they have access to such information and want to trade their equity.

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