Martin Shkreli-Founded Drug Company Files For Bankruptcy

The company established by Martin Shkreli, also known as the “Pharma Bro” for increasing the cost of an old drug by 4,000%, has submitted a petition for Chapter 11 bankruptcy in Delaware.

Vyera Pharmaceuticals, formerly known as Shkreli’s Turing Pharmaceuticals, along with its parent company Phoenixus AG and four other companies, have filed for Chapter 11 protection as per documents from the US Bankruptcy Court for the District of Delaware. The case filing for Vyera mentions plans for a sale or liquidation of the “liquidating debtors” with the aim of preserving Phoenixus.

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According to court papers filed on Wednesday, Vyera stated that Shkreli instructed the company to carry out anticompetitive actions even while he was serving a prison sentence for securities fraud charges.

Vyera, formerly known as Turing Pharmaceuticals, has between $10 million and $50 million in assets and between $1 million and $10 million in liabilities, according to a Chapter 11 petition filed in Delaware bankruptcy court.

Vyera filed a Chapter 11 plan in court on Wednesday, laying out it its intent to repay creditors through asset sales.