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Pharma Bro Martin Shkreli banned for life from drug industry, ordered to pay $64.6 million

  • January 14, 2022

A federal judge on Friday ordered notorious “Pharma Bro” Martin Shkreli banned for life from the pharmaceutical industry and also ordered him to pay $64.6 million in profits he earned from hiking the price of the drug Daraprim.

The ruling in U.S. District Court in Manhattan came in response to a lawsuit alleging illegal and monopolistic behavior by the incarcerated Shkreli, which was filed by the Federal Trade Commission, and several states, including New York and California.

Shkreli is serving a seven-year prison term for crimes unrelated to his controversial price increase of more than 5,000% of Daraprim, a drug used to treat parasitic infections in pregnant women, babies, HIV patients and others.

The ruling by Judge Denise Cote found that Shkreli, while serving as CEO of Vyera Pharmaceuticals, had violated federal and state laws with anticompetitive conduct to protect profits from Darapram.

Vyera had been known as Turing Pharmaceuticals when Shkreli ordered the massive price hike for the drug in 2015, earning him widespread condemnation at the time from a wide range of people, including former President Donald Trump and then-Democratic presidential contender Hillary Clinton.

This is breaking news. Please check back for updates.

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Article source: https://www.cnbc.com/2022/01/14/pharma-bro-martin-shkreli-banned-for-life-from-drug-industry-ordered-to-pay-64point6-million.html

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