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US: The FTC is investigating Martin Shkreli’s previous company too

 |  January 25, 2016

Turing Pharmaceuticals, the company previously headed by infamous “pharma bro” Martin Shkreli, is being investigated by the US Federal Trade Commission for possible antitrust violations after it jacked up the price of an AIDS drug by 5,500 percent. Under Shkreli’s leadership, Turing increased the price of Daraprim from $13.50 to $750 per pill in September last year, shortly after acquiring the rights to the medication.

Despite widespread criticism for the price hike, Shkreli said that if he could do it again, he “probably would have raised the price higher.”

News of the investigation was revealed in a letter from Shkreli’s lawyer to the US House of Representatives’ Committee on Oversight and Government Reform, which had subpoenaed Shkreli to appear at a hearing about developments in the prescription drug market on January 26th.

The former CEO of Turing Pharmaceuticals and KaloBios was arrested on fraud charges late last year, and in the letter, his lawyer argues that asking Shkreli to discuss the raising of drug prices would breach his constitutional right not to incriminate himself.

Full content: The New York Times

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