Pharmaceutical scientist charged with insider trading linked to CVS Health acquisition

A pharmaceutical scientist, Carlos Sacanell, faces charges for insider trading after allegedly profiting $617,000 from a tip about CVS Health's acquisition of Oak Street Health. His domestic partner, an Oak Street executive, provided the confidential information. Sacanell was indicted in Philadelphia for insider trading and lying to investigators. He pleaded not guilty and was released on bond. The SEC also filed a lawsuit against him. The CVS deal, valued at $10.6 billion, was announced on February 8, 2023. Prosecutors claim Sacanell was the largest trader of Oak Street options just before the announcement, despite not trading the stock for two years prior.