Between November 2009 and Nov. 9 of this year, Genzyme — whose CEO Henri Termeer is on Abiomed’s board of directors — shed nearly 277,000 shares of the company’s stock for an average price of $10.25, netting $2.7 million, according to Securities & Exchange Commission filings. ABMD shares traded at an average of $9.71 during that span.*
Genzyme’s latest trades of 5,000 and 10,000 shares on Nov. 9 and Nov. 10 were made at share prices of $11.85 and $12.02 per share, respectively, netting $179,450, according to a filing.
The latest sales began five days after the cardiac assist device maker reported earnings for a fiscal quarter that Abiomed CEO Michael Minogue called the company’s “best quarter in our 29-year history." Though bottom line losses still dog the company, Abiomed slashed its net losses on a 16.8 percent top-line increase for the quarter.
The company reported net losses of $3.2 million, or 9 cents per diluted share, on sales of $23.4 million for the three months ended Sept. 30, its second-quarter, compared with net losses of $7.7 million, or 21 cents per diluted share, on sales of $20.0 million during the same period last year.
Termeer has been in headlines recently as Cambridge, Mass.-based Genzyme has dealt with a series of problems with its manufacturing facilities and resisted a takeover bid from French pharmaceuticals giant Sanofi-Aventis SA (NYSE:SNY). Rumors surfaced over the weekend that Japan’s Takeda Pharmaceuticals (TKO:4502) is in the running for the biotech giant.
*Correction, Nov. 17, 2010: This article originally stated that Genzyme CEO Henri Termeer sold a portion of his stake in Abiomed. Termeer is not the beneficiary of the shares, which are owned by Genzyme. Return to the corrected sentence.