‘Pharma Bro’ Shkreli was banned from the pharmaceutical industry for life | DayDayNews

Martin Shkreli was also ordered to pay $64 million in damages for monopolizing the market for a life-saving drug.

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Martin Shkreli, convicted of “Pharma Bro” in the 2015 drug pricing scandal, has been ordered to pay $64 million in damages for monopolizing the market for life-saving drugs.

Shkreli, the former CEO of Vyera Pharmaceuticals LLC, was also banned from the pharmaceutical industry for life in an antitrust ruling by U.S. District Judge Denise Cote in Manhattan on Friday.

New York Attorney General Letitia James, who sued six other states and the U.S. Federal Trade Commission, said in a statement that when he decided to “illegally jack up a life-saving drug because American lives hang in the balance.”

Shkreli has already been sentenced to seven years in prison for securities fraud while running two hedge funds, even though the same drug — Daraprim — is at the heart of both cases.

Vyera, then known as Turing Pharmaceuticals, was launched in 2015 by Shkreli. That’s when he bought Daraprim, a once affordable anti-infective drug for sometimes deadly parasitic infections, from its only existing supplier. Shkreli then increased the price from $17.50 to $750 a piece.

Cote found that Shkreli made illegal deals with generic drug makers to delay the introduction of cheaper versions of the drug after inflating prices.

“Shkreli does not deny that his intent was to prevent generic companies from launching competing products that could threaten Daraprim’s price,” the judge wrote. “Plaintiffs show that the restrictions imposed by Vyera succeeded in doing so.”

Last month, Vieira and another former CEO, Kevin Mulidy, agreed to pay up to $40 million to resolve their involvement in a federal antitrust lawsuit brought by New York and other states.

(Litigation details updated)