Martin Shkreli is excluded from the pharmaceutical industry, he has to pay 65 million dollars
Albanian-born "Pharma Bro" founder Martin Shkreli, who was criticized for raising the price of an AIDS drug, was permanently expelled from the pharmaceutical industry on Friday after a federal court found the jailed former executive was involved in illegal and monopolistic behavior.
The Wall Street Journal reports that Mr. Shkreli was also ordered to pay about $ 65 million in profits he and his former company made from the illegal increase in the prices of the drug Daraprim.
In 2017, the court indicted Shkreli on federal securities fraud charges involving two hedge funds he managed and a company he founded.
He remains in federal custody and is scheduled to be released in 2023.
According to court documents, Vyera Pharmaceuticals bought the exclusive rights to the antiparasitic drug Daraprim for $ 55 million in 2015 and increased its price to $ 750 per tablet from $ 17.50 per tablet. The company also blocked competitors from creating generic versions.