Martin Shkreli, known as “Pharma Bro,” former drug company and its parent company have agreed to pay up to $40 million to settle a complaint over allegations they “fleeced patients” by hiking up the price of a life-saving medication by around 4,000 percent.
Shkreli, best known for drug price-gouging and a snarky online persona, gained international notoriety over the allegations against him and is currently in prison for security fraud.
US Federal Trade Commission said in a statement that its commission and state co-plaintiffs, including New York, California and Illinois, had filed an order in court that “shuts down (the) illegal scheme” that it said was “masterminded” by Shkreli to exploit patients “dependent on the life-saving drug Daraprim.”
Daraprim is used to treat toxoplasmosis, an infection caused by a parasite that can be deadly for those with HIV, as well as for others with health issues related to the immune system. It can also create health issues for children born to those who are infected while pregnant.
The order comes after the antitrust complaint was filed in January 2020 against Shkreli, as well as against his associate Kevin Mulleady, their company Vyera Pharmaceuticals, LLC, and its parent company Phoenixus AG.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI