Update 2: Shrkeli's company, KaloBios Pharmaceuticals, has filed for bankruptcy. According to USA Today, the company lists between 100-199 creditors and has outstanding liabilities of between $1 million and $10 million.
Shrkeli was ousted as CEO following the December 17 incitement that led to his arrest on securities fraud charges. KaloBios voluntarily filed for chapter 11 bankruptcy in a Delaware on December 29 in a federal bankruptcy court.
Update: Shrkeli was arrested on December 17 for engaging in what is being described as a Ponzi scheme at his former hedge fund and at a separate pharmaceutical company.
Shrkeli was arrested at Murray Hill Town Apartments in downtown Manhattan. He was wearing a grey hoodie and flanked by a slew of armed law enforcement officers.
Many on the internet are rejoicing at the news and #Karma has been labeled on more than a few tweets related to this story.
We will bring further developments as the story progresses.
The more life experience we get, the more we can see our place in making this world a better place – except for one pharma CEO, who clearly missed any lesson in empathy and basic humanity.
Martin Shkreli,CEO of Turing Pharmaceuticals, is in the middle of a social media storm, and he has no one but himself to blame. The 32-year-old increased the price of an anti-parasite medication Daraprim from $13.50 a pill to $750, causing uproar among people who don't think AIDS and tuberculosis patients should be gouged to death.
Turing Pharmaceuticals bought the U.S. marketing rights to Daraprim in August and Shkreli, speaking to Bloomberg TV, said he raised the prices of the drug because he "needed to turn a profit on the drug."
Even though the prices of such pills are left to the discretion of the company holding its rights, Shkreli is facing people’s wrath because he has raised the prices by a whopping $736 per pill – even though the medication is approximately six decades old and Turing Pharmaceuticals faces no development or FDA approval costs for Daraprim.
Check out some of the comments he received on Twitter:
@MartinShkreli please rethink, help humans move forward not backwards. We all will die one day but more will come.— Ryan Spratt (@RyanSpratt4) September 22, 2015
@MartinShkreli I hope your money is a true replacement for friendship and companionship, otherwise your about to be a very lonely little man— Annie (@amrm86) September 22, 2015
@MartinShkreli Ah man you're so young to care so little about people. Wonder what messed up things you'll do when older?— Brian Soon-A-Lot (@YoSounie) September 22, 2015
.@MartinShkreli Is a disgusting parasite, he is a plague on society. His family should be ashamed— n0ble0g (@n0ble0g) September 22, 2015
Shkreli isn't just astoundingly cruel to patients that rely on Daraprim to treat complications of AIDS; he's downright gleeful about his decision to jack up Daraprim's prices, even though it only costs about $1 to manufacture each pill.
Shkreli responded to critics with sarcastic and boastful tweets:
I donated a total of $5,000,000 to various causes recently. Looking forward to telling you all about it.— Martin Shkreli (@MartinShkreli) September 15, 2015
"THEY SEE ME ROLLING..." pic.twitter.com/D1mDBEeZMq— Martin Shkreli (@MartinShkreli) September 16, 2015
http://t.co/co6Fmwk3XX And it seems like the media immediately points a finger at me So I point one back at em, but not the index or pinkie— Martin Shkreli (@MartinShkreli) September 21, 2015
Shkreli isn't the only pharma CEO gouging customers. Rodelis Therapeutics raised the price of another tuberculosis drug by more than 2,000%, to $10,800 per 30-day supply, after acquiring the medication from a nonprofit foundation.
Facing criticism, Rodelis Therapeutics returned the drug's rights to the foundation.