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The pharmaceutical company behind Martin Shkreli's infamous 4,000 percent price hike—now known as Vyera Pharmaceuticals—filed for bankruptcy this week and plans to sell its assets to pay off millions in debts.
In court documents filed Wednesday, Vyera's chief restructuring officer, Lawrence Perkins, largely blamed Shkreli for dooming the company and its affiliates.
[...]
Shkreli founded Vyera in 2014 under the name Turing Pharmaceuticals. His focus was to acquire sole-source drugs that treat life-threatening conditions in small populations of patients—and then dramatically jack up the price. In August 2015, he did just that, buying the rights to the decades-old anti-parasitic drug Daraprim for $55 million and abruptly raising the price from $17.60 per tablet to $750, a more than 4,000 percent increase.
[...]
Shkreli's influence wasn't shaken until January 2020, when the Federal Trade Commission and several state attorneys general sued Shkreli and the company—then called Vyera—for allegedly violating antitrust laws. Soon after, Vyera appointed a new board and management to purge ties to Shkreli. Vyera later settled the FTC's lawsuit, while Shkreli insisted on going to trial, where he lost, was banned from the pharmaceutical industry for life, and ordered to pay roughly $65 million in disgorgement. He is appealing the ruling.Meanwhile, Vyera never reversed Shkreli's price hike.
Previously:
Cost of Daraprim Medication Raised by Over 50 Times 20150922
Stories mentioning Shkreli on Soylentnews 21+ stories (Famous/infamous, same dif, right?)
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(Score: 3, Insightful) by HiThere on Monday May 15 2023, @02:00PM (4 children)
That they reversed the price hike is appropriate, but hardly sufficient. That's just a thief promising not to steal any more.
Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.
(Score: 2) by Freeman on Monday May 15 2023, @02:36PM (3 children)
They never reversed the price hike. They did slightly reduce it just after they introduced it, but they never reversed it. The company is subsequently filing for bankruptcy, due to their fine management skills.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 2) by RS3 on Monday May 15 2023, @03:11PM (2 children)
Hunch: management got used to huge cash flow, they became wasteful and stupid because they could. But mostly (FTFA) due to generics coming onto the market (market economics working as it's supposed to) and Shkreli's deservedly horrible reputation, creditors and lenders pulled back- again, economics working as it should.
The sad / frustrating / very unethical part: time. There's a timeline where many people suffered, possibly died due to being unable to afford the medication before the generics came onto the market.
(Score: 1, Insightful) by Anonymous Coward on Monday May 15 2023, @06:08PM (1 child)
You mean, handed out massive executive bonuses for improved performance?
(Score: 2) by RS3 on Monday May 15 2023, @06:30PM
Yup, short-term profits rule. Long-term, safety, critically important food, water, shelter, medications? Bah!