Martin Shkreli resigned as chief executive officer of Turing Pharmaceuticals AG following his arrest on securities fraud charges Thursday.
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He’s being replaced on an interim basis by Ron Tilles, who has been chairman of Turing’s board of directors since the company was founded late a year ago.
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“The drug was unprofitable at the former price, so any company selling it would be losing money”, Shkreli said in his defense, to CBS News.
“Those price increases combined with Mr. Shkreli’s jeering response to his critics has made him a lightning rod for public outrage and fodder for the presidential campaign”, The New York Times reported.
Shkreli denied the charges in court and was released after posting $5 million bond.
Earlier this year, he became headline fodder with the drug price hike at Turing. “We wish to thank Martin Shkreli for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today, and wish him the best in his future endeavors”, said Tilles.
Shkreli has been called a range of monikers, ranging from “pharma bro” to the country’s most hated CEO.
The would-be performance artist faces 20 years in prison for securities fraud, securities fraud conspiracy, and wire fraud conspiracy-and there’s a possibility for more arrests as the case unfolds, according to Capers. They were both released on bail but ordered to surrender their passports and restrict their travel.
The news – unrelated to his actions at Turing – delighted patients, advocacy groups and others who found his price-gouging despicable.
Turing, with offices in NY and Switzerland, spent $55 million in August for the US rights to sell Daraprim.
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Shkreli also serves as CEO of another pharmaceutical company, KaloBios. There’s no word yet on whether he’ll remain at the helm there. Shares of KaloBios plunged by close to 50 percent on the back of the reports and trading had to be halted in the shares.
