Shkreli Sued Over Alleged Antitrust Violation in Drug Pricing
Source: Bloomberg
(Bloomberg) -- Convicted “Pharma Bro” Martin Shkreli was sued by federal officials and the state of New York for allegedly violating antitrust law when he jacked up the price of a crucial drug by 4,000% overnight in 2015.
The lawsuit was filed Monday in federal court in Manhattan by the Federal Trade Commission and New York Attorney General Letitia James. The complaint names Vyera Pharmaceuticals LLC, formerly known as Turing Pharmaceuticals, along with co-owners Shkreli and Kevin Mulleady.
The allegations are separate from what landed Shkreli behind bars, though the drug at the center of the case is the same. He’s in prison serving a seven-year sentence for defrauding investors in hedge funds he ran by lying to them about his track record and performance as well as a fraud scheme involving Retrophin Inc., a company he founded in 2011.
Shkreli, who was ousted from Retrophin in 2014, started Turing Pharmaceuticals the following year. While operating the biopharmaceutical business Shkreli acquired a drug called Daraprim, a once-affordable anti-infective for a sometimes-deadly parasitic infection. The FTC and New York claim he then raised the price and used a complex web of contractual restrictions to block generic versions.
Read more: https://www.msn.com/en-us/money/companies/shkreli-sued-over-alleged-antitrust-violation-in-drug-pricing/ar-BBZnITA
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