Shkreli Quits as Head of Turing Pharmaceuticals

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AP photo by Craig Ruttle)

Martin Shkreli has resigned as the head of Turing Pharmaceuticals after being arrested yesterday in connection with his work as a hedge fund manager, the company said in a statement.

Shkreli, 32, became one of the most famous, and scorned, figures in the pharmaceutical business when he got control of Daraprim, an old HIV therapy. Once just $13.50 a pill, Shkreli quickly raised the priceto $750 a pill, bringing criticism from payers and advocacy groups alike.

Ron Tilles, chairman of the board of Turing, will take over as interim chief executive.

“We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors. At the same time, I am very excited about the opportunity to guide Turing Pharmaceuticals forward," Tilles said in the statement.

Shkreli was released on $5 million bail following his arrest on charges of securities fraud.

Meanwhile, pharmacy benefit managers moved quickly to ensure patients that they would work to keep supplies of Daraprim available.