The company was accused of driving up the price of a lifesaving drug used by pregnant women and cancer patients
Martin Shkreli, dubbed the “Pharma Bro” by the media, has been ordered to pay $64.6 million in profits he and his company made off of the anti-parasitic drug Daraprim. He is also barred from the pharmaceutical industry for life.
Shkreli, the founder and former CEO of Turing Pharmaceuticals, won’t be living up to his nickname for much longer. US District Judge Denise Cote delivered the decision barring him from the business on Friday, following a seven day bench trial in December.
“The powerful don’t get to make their own rules, despite Shkreli thinking cash rules everything around him,” New York Attorney General Letitia James tweeted about Shkreli in a thread celebrating the ruling. The 2020 lawsuit alleged Shkreli blocked the competition from vital data and used supply agreements to manipulate the market availability of the drug’s actual ingredients.
Shkreli will now pay $64 million and will be banned from the pharmaceutical industry for life.
New Yorkers can trust that my office will do everything possible to hold the powerful accountable, in addition to fighting to protect their health and their wallets
— NY AG James (@NewYorkStateAG) January 14, 2022