Insider Trading Claims In Sanofi-Bioverativ Suit Move Forward

By Leslie A. Pappas (June 2, 2022, 9:49 PM EDT) — Former Bioverativ Inc. board member Alexander J. Denner and the activist hedge fund he controlled must face insider trading claims in a Delaware Chancery Court lawsuit alleging an unfair deal process behind the company’s $11.6 billion sale to Sanofi in 2018.

In a 50-page opinion Thursday denying dismissal of the claims, Vice Chancellor J. Travis Laster said that at this stage of the litigation it was “reasonable to infer” that Denner acted on material information when he caused Sarissa Capital Management LP to buy more than a million shares of company stock more than six months before deal.

“Denner stood to make…

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