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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: 2) by Barenflimski on Monday May 15, @02:12PM (3 children)
This guy live streams almost every day to an enthused crowd of wanna be business critters -> https://www.youtube.com/@realmartinshkreli [youtube.com]
Its garbage, but figured someone might want to take a peak.
(Score: 2) by Freeman on Monday May 15, @02:39PM (1 child)
Wow, that makes a lot of sense. I mean, he is a narcissist after all. YouTube would definitely fuel that addiction. I figure you have to have a certain amount of narcissism to make it on YouTube, but you don't have to be like Shkreli to make it . . .
I am slightly curious as to what in the world he would possibly bring to a YouTube channel and garner followers. But, not curious enough to ever voluntarily hear his voice.
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, @03:01PM
I didn't look at his videos (nor will I) but I'll surmise it's a bit like gawkers slowing down looking at a car wreck?
(Score: 0) by Anonymous Coward on Tuesday May 16, @06:46AM
All it would take is the congresscritters to roll back copyright and patent protections to make predatory business practices a risky thing to do.
If somebody was misusing a gun, we take the gun away. Predatory law can also be used as a gun. Simply remove the destructive anticompetitive legal code.