Originally published February 23 2006
News site looks at Rumsfeld's financial benefit from bird flu panic
by Mike Adams, the Health Ranger, NaturalNews Editor
InfoShop News discusses the relationship of Defense Secretary Donald Rumsfeld to Gilead Sciences, which owns the rights to Tamiflu.
The prospect of a bird flu outbreak may be panicking people around the globe, but it's proving to be very good news for Defense Secretary Donald Rumsfeld and other politically connected investors in Gilead Sciences, the California biotech company that owns the rights to Tamiflu, the influenza remedy that's now the most-sought after drug in the world.
NEW YORK (Fortune) - The prospect of a bird flu outbreak may be panicking people around the globe, but it's proving to be very good news for Defense Secretary Donald Rumsfeld and other politically connected investors in Gilead Sciences, the California biotech company that owns the rights to Tamiflu, the influenza remedy that's now the most-sought after drug in the world.
The forms don't reveal the exact number of shares Rumsfeld owns, but in the past six months fears of a pandemic and the ensuing scramble for Tamiflu have sent Gilead's stock from $35 to $47.
That's made the Pentagon chief, already one of the wealthiest members of the Bush cabinet, at least $1 million richer.
Rumsfeld isn't the only political heavyweight benefiting from demand for Tamiflu, which is manufactured and marketed by Swiss pharma giant Roche.
In July, the Pentagon ordered $58 million worth of the treatment for U.S. troops around the world, and Congress is considering a multi-billion dollar purchase.
Roche expects 2005 sales for Tamiflu to be about $1 billion, compared with $258 million in 2004.
Rumsfeld recused himself from any decisions involving Gilead when he left Gilead and became Secretary of Defense in early 2001.
As the flu issue heated up early this year, according to the Pentagon official, Rumsfeld considered unloading his entire Gilead stake and sought the advice of the Department of Justice, the SEC and the federal Office of Government Ethics.
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