UPDATE
Jan 23, 2024 5:13 PM CST
A federal appeals court has upheld so-called "pharma bro" Martin Shkreli's lifetime ban from the pharma industry. The 2nd US Circuit Court of Appeals ruled that a judge's order almost two years ago was a "reasonable measure to protect the public from the risk of recurring anticompetitive conduct," CNBC reports. The three-judge appeals court panel also upheld an order for the 40-year-old former CEO to return $64.6 million in profits made through antitrust violations when his company bought the life-saving drug Daraprim and hiked the price by more than 4,000%. Shkreli's lawyer, Benjamin Brafman, said the lifetime ban is "too severe" and courts should "encourage real geniuses like Mr. Shkreli to work in the industry."
Jan 14, 2022 1:47 PM CST
A federal judge on Friday ordered Martin Shkreli to return $64.6 million in profits he and his company reaped from inflating the price of the life-saving drug Daraprim and barred him from participating in the pharmaceutical industry for the rest of his life, per the AP. The ruling by US District Judge Denise Cote came several weeks after a seven-day bench trial in December. The Federal Trade Commission and seven states brought the case in 2020 against the man dubbed in the media as "Pharma Bro."
Shkreli was CEO of Turing Pharmaceuticals—later Vyera—when it jacked up the price of Daraprim. It treats a rare parasitic disease that strikes pregnant women, cancer patients, and AIDS patients. He defended the decision as capitalism at work and said insurance and other programs ensure that people who need Daraprim would ultimately get it. But the move sparked outrage from medical centers to the 2016 presidential campaign trail, where Hillary Clinton termed it price-gouging and future President Donald Trump called Shkreli "a spoiled brat." (Shkreli was previously convicted of fraud and sent to federal prison.)
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