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

Source: CNBC

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

PUBLISHED FRI, JAN 14 2022 2:37 PM ESTUPDATED 41 MIN AGO
Dan Mangan
@_DANMANGAN

A federal judge on Friday ordered notorious “Pharma Bro” Martin Shkreli banned for life from the pharmaceutical industry and also ruled that he must disgorge $64.6 million in profits he earned from hiking the price of the life-saving drug Daraprim by more than 5,000% overnight.

The ruling in U.S. District Court in Manhattan came in response to a lawsuit alleging illegal and monopolistic behavior connected with Daraprim by Shkreli, who is currently incarcerated for a securities fraud conviction.

The plaintiffs in the case were the Federal Trade Commission, and seven states, including New York and California.

Those same plaintiffs last month obtained a $40 million settlement for the same claims from Vyera Pharmaceuticals, the company that Shkreli had founded, as well as a seven-year ban of his former business partner Kevin Mulleady.

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