Martin Shkreli Fired From CEO Job at KaloBios Pharmaceuticals

20 Jan 2016 | Author: | No comments yet »

CompaniesShkreli terminated as KaloBios chief executive.

KaloBios shares plummeted 53 percent Thursday after Shkreli, 32, was arrested in New York on charges related to one of his previous companies, Retrophin Inc. Last weekend, the University of California at Davis and Moffitt Cancer Center in Florida said they had suspended a planned drug trial sponsored by KaloBios. The former hedge fund manager rose to national prominence after Turing Pharmaceuticals, a privately-held biotech company he ran, increased the price of a drug that treats a rare disorder by 5,000 per cent overnight. The company’s stock was trading at less than $1 before he made the move, and it subsequently rose to as high as $39.50, giving the company a market value of more than $100 million.

It was something a watershed moment that sparked criticism not just of Turing, but of other companies in the pharmaceutical industry that have built business models of acquiring drugs and then sharply increasing their prices. To contact the reporter on this story: Doni Bloomfield in Boston at mbloomfiel12@bloomberg.net To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net Cecile Daurat

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