Martin Shkreli, Turing CEO, was arrested on fraud related to his time as a hedge fund manager, not his recent price gouging of Daraprim.
Martin Shkreli, famous for hiking the price of Daraprim by 5000% after purchasing the 62-year-old drug, was arrested Thursday morning. The investigation is related to his time as a hedge fund manager, not his widely criticized price gouging, reported The New York Times.
Shkreli, the CEO of Turing Pharmaceuticals, became a household name after he increased the price of a life-saving pill from $13.50 to $750 overnight. However, it is for what he did when he was in charge of the biopharmaceutical company Retrophin that the federal case rests on.
Retrophin has also filed a civil lawsuit against Shkreli for the misuse of company funds and for engineering numerous transactions between the company and MSMB Capital Management, Shkreli’s own hedge fund, reported Bloomberg Business.
Two weeks earlier, Shkreli appeared at the Forbes Healthcare Summit and acknowledged that the duty he had to shareholders—to maximize profits—could make him a target for prosecutors.
More on this story as it develops.
UK Study: Most Patients With MG Require Hospitalization, Driving Health Care Resource Use
April 27th 2024Over a median follow-up time of nearly 3 years, three-fourths (72.8%) of patients with myasthenia gravis (MG) were hospitalized and half visited the accident and emergency department.
Read More
Kaiser Permanente was hit by a data breach in mid-April, impacting 13.4 million health plan members; GlaxoSmithKline (GSK) sued Pfizer and BioNTech for allegedly infringing on its messenger RNA technology patents in the companies’ COVID-19 vaccines; the CDC announced the first-known HIV cases transmitted via cosmetic injections.
Read More