A high-ranking Viatris executive was charged with insider trading for tipping a friend and former colleague about earnings, drug approvals, and a pending merger with a Pfizer division.
In court documents, federal authorities alleged that Ramkumar Rayapureddy, the chief information officer at the drug company, which was previously known as Mylan, provided “material” information to Dayakar Mallu, who also worked in the IT department. In exchange, Mallu shared a portion of his illicit trading profits with Rayapureddy through cash payments made in India.
Mallu acted on the information four separate times between September 2017 and July 2019, and made more than $7.2 million in profits. He also managed to avoid $703,000 in losses thanks to the inside information, according to court filings made by the U.S. Securities and Exchange Commission. Separately, Rayapureddy was indicted by the U.S. Department of Justice.
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