Reviled United States pharmaceutical and hedge fund figure Martin Shkreli resigned as chief executive of Turing Pharmaceuticals on Friday (Dec 18), a day after his arrest on fraud charges, the company said.
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Shkreli, 32, was arrested Thursday by the Federal Bureau of Investigation on seven counts related to “widespread” securities fraud through a hedge fund and drug company he once ran.
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Turing Pharmaceuticals, a privately-held company became prominent as a notorious pharmaceutical company after acquiring the anti-parasitic drug, Daraprim and increasing its price by 5000% from $13.50 to $750.
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According to Turing representatives, Shkreli will be replaced in the interim by Ronald Tilles, who had previously served as chairman of the firm’s board of directors since its late-2014 launch.
In the company’s statement, Tilles said he’s excited by the chance to guide Turing and that it’s “committed to ensuring that all patients have ready and affordable access to Daraprim” and a second drug, Vecamyl, a pill for treating high blood pressure.
Shkreli said the company would cut the price of Daraprim. Drug makers that have been criticized, such as Valeant Pharmaceuticals Inc (VRX.N), have begun to roll back prices. From 2005 to 2008, Questcor Pharmaceuticals, now owned by Mallinckrodt, increased the price of the drug H.P. Acthar from $1,235 a vial to $29,086.
Calls to an attorney that has represented Shkreli in the past were not immediately returned.
Soon after Martin Shkreli’s arrest, people took to Robbins’ account on twitter for a follow up. Last month, however, Turing reneged. He was also revealed to be the purchaser, for $2m, of the only copy of the new album by the rap group Wu-Tang Clan.
Several classmates say that when they heard about Mr. Shkreli’s gift, they could not help but wonder whether it was meant as a sly act of one-upmanship. “I have a lot of cavities, my teeth are bad”.
“Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit” U.S. prosecutors told the media this week.
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Nasdaq has placed KaloBios’ stock on a trading halt until the company provides more information.
