PERSON: Martin Shkreli
Employer
Turing Pharmaceuticals AG
Position
Founder & CEO
Biography
Martin Shkreli (born April 1, 1983) is an American hedge fund manager and entrepreneur, specializing in healthcare businesses, and is a co-founder of MSMB Capital Management and the founder of Turing Pharmaceuticals AG. He is a co-founder and was the chief executive officer of Retrophin LLC, a biotechnology firm founded in 2011. In September 2015 Shkreli was criticized when Turing Pharmaceuticals obtained the manufacturing license for Daraprim, an out-of-patent medicine, and raised its price by 5,455 percent (from $13.50 to $750 per tablet). In response he announced that the price would be lowered.
Martin Shkreli, the son of Albanian and Croatian immigrants, was born in Brooklyn, New York on April 1, 1983. He grew up in a working-class community in Brooklyn. Shkreli skipped several grades in school and received a degree in business from New York’s Baruch College in 2004.
In 2000, Shkreli was a college intern and then clerk at Jim Cramer’s Cramer, Berkowitz, & Co. After four years at Cramer Berkowitz, he held jobs at UBS and Intrepid Capital Management before starting his first hedge fund, Elea Capital Management, in 2006. Shkreli launched MSMB Capital Management (named after the two founding Portfolio Managers, Martin Shkreli and Marek Biestek) in 2009. In 2011, Shkreli filed requests with the U.S. Food and Drug Administration (FDA) to reject a new type of cancer diagnostic from the manufacturers Navidea Biopharmaceuticals and an inhalable insulin therapy for diabetes from MannKind Corporation, while publicly short-selling the companies’ stocks. Both companies’ stock values immediately dropped following Shkreli’s interventions, and the companies had difficulty launching the products as a result. The FDA subsequently approved both therapies.
Retrophin Inc. was created in 2011 and run from the offices of MSMB Capital as a portfolio company with an emphasis on biotechnology, to create treatments for orphan diseases. In September 2014 Retrophin acquired the rights to Thiola, a drug used to treat the rare disease cystinuria. Shkreli resigned from the company in October 2014 after Retrophin’s Board decided to replace him that September with Stephen Aselage. Shkreli then left Retrophin and started Turing Pharmaceuticals. Retrophin filed a $65 million lawsuit against Shkreli in August 2015, claiming he breached his duty of loyalty to the biopharmaceutical company in a long-running dispute over his use of company funds, and alleging that he “committed stock-trading irregularities and other violations of securities rules”. The lawsuit includes the claim that Shkreli threatened and harassed a former MSMB employee and his family. Shkreli and some of his business associates have been under criminal investigation by the U.S. Attorney for the Eastern District of New York since January 2015 with respect to their Retrophin activities, and Shkreli has invoked his Fifth Amendment right against self-incrimination in order to avoid testifying during civil depositions.
In February 2015, Shkreli launched Turing Pharmaceuticals with three drugs in development, acquired from Retrophin: an intranasal version of ketamine for depression, an intranasal version of oxytocin, and Vecamyl for hypertension.
As executive chairman of Turing Pharmaceuticals, in August 2015 Shkreli raised the price of Daraprim from $13.50 per pill to $750 per pill—a 5,455% increase—shortly after purchasing the marketing rights to the drug for $55 million from Impax Laboratories. While the patent for the 1953 drug has long expired, no company in the US is currently manufacturing generic pyrimethamine.
In September 2015, Shkreli was criticized by several health organizations for obtaining manufacturing licenses on old, out-of-patent, life-saving medicines including pyrimethamine (brand name Daraprim), which is used to treat patients with toxoplasmosis, malaria, some cancers, and AIDS, and then increasing the price of the drug in the US from $13.50 to $750 per pill, a 5,455% increase. In an interview with Bloomberg News, Shkreli claimed that despite the price increase patient co-pays would actually be lower, that many patients would get the drug at no cost, that the company has expanded its free drug program, and that it sells half of the drugs for one dollar.
The price increase has been criticized by Hillary Clinton, the HIV Medicine Association, the Infectious Diseases Society of America, the lobbying group Pharmaceutical Research and Manufacturers of America, Donald Trump, and Bernie Sanders. The record label Collect Records publicly ended its business relationship with Shkreli, who had invested in the company.
A few days later, Shkreli announced that he plans to lower the price by an unspecified amount, “in response to the anger that was felt by people”.
— Wikipedia
Martin Shkreli, the son of Albanian and Croatian immigrants, was born in Brooklyn, New York on April 1, 1983. He grew up in a working-class community in Brooklyn. Shkreli skipped several grades in school and received a degree in business from New York’s Baruch College in 2004.
In 2000, Shkreli was a college intern and then clerk at Jim Cramer’s Cramer, Berkowitz, & Co. After four years at Cramer Berkowitz, he held jobs at UBS and Intrepid Capital Management before starting his first hedge fund, Elea Capital Management, in 2006. Shkreli launched MSMB Capital Management (named after the two founding Portfolio Managers, Martin Shkreli and Marek Biestek) in 2009. In 2011, Shkreli filed requests with the U.S. Food and Drug Administration (FDA) to reject a new type of cancer diagnostic from the manufacturers Navidea Biopharmaceuticals and an inhalable insulin therapy for diabetes from MannKind Corporation, while publicly short-selling the companies’ stocks. Both companies’ stock values immediately dropped following Shkreli’s interventions, and the companies had difficulty launching the products as a result. The FDA subsequently approved both therapies.
Retrophin Inc. was created in 2011 and run from the offices of MSMB Capital as a portfolio company with an emphasis on biotechnology, to create treatments for orphan diseases. In September 2014 Retrophin acquired the rights to Thiola, a drug used to treat the rare disease cystinuria. Shkreli resigned from the company in October 2014 after Retrophin’s Board decided to replace him that September with Stephen Aselage. Shkreli then left Retrophin and started Turing Pharmaceuticals. Retrophin filed a $65 million lawsuit against Shkreli in August 2015, claiming he breached his duty of loyalty to the biopharmaceutical company in a long-running dispute over his use of company funds, and alleging that he “committed stock-trading irregularities and other violations of securities rules”. The lawsuit includes the claim that Shkreli threatened and harassed a former MSMB employee and his family. Shkreli and some of his business associates have been under criminal investigation by the U.S. Attorney for the Eastern District of New York since January 2015 with respect to their Retrophin activities, and Shkreli has invoked his Fifth Amendment right against self-incrimination in order to avoid testifying during civil depositions.
In February 2015, Shkreli launched Turing Pharmaceuticals with three drugs in development, acquired from Retrophin: an intranasal version of ketamine for depression, an intranasal version of oxytocin, and Vecamyl for hypertension.
As executive chairman of Turing Pharmaceuticals, in August 2015 Shkreli raised the price of Daraprim from $13.50 per pill to $750 per pill—a 5,455% increase—shortly after purchasing the marketing rights to the drug for $55 million from Impax Laboratories. While the patent for the 1953 drug has long expired, no company in the US is currently manufacturing generic pyrimethamine.
In September 2015, Shkreli was criticized by several health organizations for obtaining manufacturing licenses on old, out-of-patent, life-saving medicines including pyrimethamine (brand name Daraprim), which is used to treat patients with toxoplasmosis, malaria, some cancers, and AIDS, and then increasing the price of the drug in the US from $13.50 to $750 per pill, a 5,455% increase. In an interview with Bloomberg News, Shkreli claimed that despite the price increase patient co-pays would actually be lower, that many patients would get the drug at no cost, that the company has expanded its free drug program, and that it sells half of the drugs for one dollar.
The price increase has been criticized by Hillary Clinton, the HIV Medicine Association, the Infectious Diseases Society of America, the lobbying group Pharmaceutical Research and Manufacturers of America, Donald Trump, and Bernie Sanders. The record label Collect Records publicly ended its business relationship with Shkreli, who had invested in the company.
A few days later, Shkreli announced that he plans to lower the price by an unspecified amount, “in response to the anger that was felt by people”.
— Wikipedia
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