In 2016, Panuwat was the Senior Director of Business Development at Medivation Inc., a California-based oncology-focused mid-cap biopharmaceutical company. As part of his employment, Panuwat signed Medivation's insider trading policy, which precluded employees from using information about Medivation to trade in its securities "or the securities of another publicly traded company." 5 Amid Medivation's efforts to find a suitable acquirer, Panuwat and other senior employees received an email from Medivation's Chief Executive Officer on August 18, 2016 (CEO Email) that contained the information that Pfizer Inc. would acquire Medivation.