Insider Trading Review: CIT Group Inc.

CIT Group Inc. (NYSE:CIT) insider has recently participated in insider trading activity. Vice Chairman, MNUCHIN STEVEN T bought 80,000 shares for $2,051,232 via one transaction Feb 11. Following the transaction, the insider now owns 1,935,573 shares in total, priced at $51408818.88 as of Friday. Another notable insider trading was done by the same insider on Feb 09. MNUCHIN STEVEN T acquired 30,000 shares at an average price of $26.26 for a total of $787,827. Moreover, this insider carried out a sale of 119,800 shares at $26.78 each on Feb 08. The transaction amounted to $3,208,508. Vice Chairma Alemany Ellen R bought 19,000 shares for $519,023 through one transaction Feb 04. Following this sale, this insider’s stake in the company comprises 87,656 shares, priced at $2328143.36 as of Friday.

The stock has experienced a total of 21 insider trades in the past three months. These trades include 13 sell activities and 8 buy trades. Furthermore, over the past 12 months, the stock was traded 53 times by insiders. In 29 of these trades, the insider was a seller while an employee of the company was the buyer in just 24 instances.

CIT Group Inc. (CIT) on February 11, 2016 announced that CIT Healthcare Finance served as Lead Arranger for a $190 million senior secured credit facility to help finance the combination of Vertical/Trigen Holdings, LLC with Osmotica Holdings Corp Limited, a specialty pharmaceutical company with a proprietary drug delivery system and a portfolio of branded and generic drugs with a focus in neuroscience/pain (CNS) therapeutics. Vertical/Trigen, a portfolio company of Avista Capital Partners, is a specialty pharmaceutical company that develops and distributes branded and generic prescription pharmaceuticals. The combined company will take on the Osmotica name. Senior financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

Brian Markison, Chief Executive Officer, Osmotica, said, “We are pleased to have completed this strategic combination, which brings together two highly complementary businesses with demonstrated track records of developing commercially successful pharmaceutical products. I look forward to working with the combined team to ensure that the new Osmotica builds on the strengths of both companies to deliver greater value for physicians, patients and the healthcare system overall. CIT’s healthcare finance expertise played a crucial role in helping to facilitate this transaction.”

William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “The pharmaceutical market continues to present strong investing opportunities for private equity firms such as Avista with deep sector experience. Together, the combination of Vertical/Trigen and Osmotica will create a vertically integrated specialty pharmaceuticals company with end-to-end capabilities across the pharmaceutical lifecycle, a diverse drug portfolio, a robust R&D platform, world class regulatory infrastructure, proprietary technology and proven distribution capabilities. We are pleased we could leverage our healthcare finance knowledge to help bring this transaction to completion.”