Martin Shkreli

Martin Shkreli

Shkreli testifying before the House Committee on Oversight and Government Reform, 2016
Born (1983-03-17) March 17, 1983
Brooklyn, New York, U.S.
Nationality American
Alma mater Baruch College
Occupation Co-founder of MSMB Capital Management, Co-founder and former CEO of Retrophin
Founder and former CEO of Turing Pharmaceuticals.
Known for Turing Pharmaceuticals; Retrophin
Net worth US$70 million (June 2017)
Criminal charge Securities fraud[1]

Martin Shkreli (/ˈʃkrɛli/, born March 17, 1983[2]) is an American businessman and former hedge fund manager.[3][4][5][6] He is the co-founder of the hedge funds Elea Capital, MSMB Capital Management, MSMB Healthcare,[7] co-founder and former chief executive officer (CEO) of the biotechnology firm Retrophin, and founder and former CEO of Turing Pharmaceuticals. Shkreli is also the CEO of start-up software company Gödel Systems, which he founded in August 2016.[8]

In September 2015, Shkreli received widespread criticism when Turing obtained the manufacturing license for the antiparasitic drug Daraprim and raised its price by a factor of 56 (from US$13.5 to US$750 per pill), leading him to be referred to as "the most hated man in America" and "pharma bro".[9][10][11][12][13][14]

In December 2015, Shkreli was arrested by the FBI after being indicted on federal charges of securities fraud. He subsequently resigned as CEO of Turing Pharmaceuticals and was replaced by the company's board chairman, Ron Tilles.[15][16][17] Shkreli was convicted of two counts of securities fraud and one count of conspiring to commit securities fraud in August 2017.[18]

Early life

Shkreli was born in Coney Island Hospital, Brooklyn. He is the son of Albanian and Croatian immigrants who worked as janitors.[19] He, his two sisters, and his brother grew up in a working-class community in Sheepshead Bay, Brooklyn.[12][20][21] Shkreli was raised Catholic and attended Sunday school as a child.[22]

Shkreli attended Hunter College High School. He dropped out before his senior year due to a lack of interest,[23] but received the credits necessary for his diploma through a program that placed him in an internship at Wall Street hedge fund Cramer, Berkowitz and Company[21] when he was 17.[12][24] Sources differ on whether Shkreli graduated from Hunter[20] or whether he received sufficient credits there but actually graduated from City-As-School High School.[25]

Shkreli received a bachelor's degree in business administration from Baruch College in 2004.[12] Shkreli told Vanity Fair that he developed an interest in chemistry when a family member suffered from treatment-resistant depression.[2] In March 2015, Hunter College High School announced that Shkreli donated $1,000,000 to them.[26]

Career

During Shkreli's time at Cramer, Berkowitz and Company, he recommended short-selling a biotech stock, believing that the company's share price would drop. When it did so, Cramer's hedge fund profited. In 2003, Regeneron Pharmaceuticals was testing a weight‑loss drug, and Shkreli, then 19, predicted that the stock price would fall. Shkreli's prediction drew the attention of the Securities and Exchange Commission, which investigated Shkreli's knowledge about the stock but was unable to prove wrongdoing on his part.[27]

MSMB Capital Management

After four years as an associate at Cramer Berkowitz, Shkreli worked as a financial analyst for Intrepid Capital Management and UBS Wealth Management.[28] He then started his first hedge fund, Elea Capital Management, in 2006.[24][29] "In 2007, Lehman Brothers sued Elea in New York state court for failing to cover a 'put option transaction' in which Shkreli bet the wrong way on a broad market decline. When stocks rose, Shkreli didn't have the funds to make the bank whole. In October 2007, Lehman Brothers won a $2.3 million default judgment against Shkreli and Elea", but Lehman collapsed before it could collect on the ruling.[27]

In September 2009, Shkreli started his own business. He launched MSMB Capital Management,[19][30] which took its name from the initials of the two founding portfolio managers, Shkreli and his childhood friend, Marek Biestek.[24][27] Shkreli and Biestek shorted biotech companies, then described flaws in the companies on stock trading chat rooms.[2]

On February 1, 2011, in a naked short sale on an account it held with Merrill Lynch, MSMB Capital sold short 32 million shares of Orexigen Therapeutics stock at about $2.50 per share the day after its price plunged from $9.09, when the Food and Drug Administration (FDA) declined to approve the drug Contrave.[31][32] The stock price rebounded; MSMB could not cover the position, although it had told Merrill Lynch that it could.[33] Merrill Lynch lost $7 million on the trade and MSMB Capital was virtually wiped out. Retrophin's 2015 SEC Complaint contended Shkreli had created MSMB Healthcare and Retrophin "so that he could continue trading after MSMB Capital became insolvent and to create an asset that he might be able to use to placate his MSMB Capital investors."[34]

In 2011, Shkreli filed requests with the FDA to reject a new cancer diagnostic device from Navidea Biopharmaceuticals and an inhalable insulin therapy from MannKind Corporation while publicly short-selling both companies' stocks, the values of which dropped after Shkreli's interventions. The companies had difficulty launching the products as a result, although the FDA ultimately approved both.[27][35][36]

In 2011, MSMB made an unsolicited cash bid for AMAG Pharmaceuticals, US$378,000,000.[37]

Matthew Herper of Forbes wrote that the attempted hostile takeover was "done for the specific purpose of firing the company’s management and stopping a proposed merger with Allos Therapeutics. When the merger plans stopped, so did Shkreli."[38]

Retrophin

Shkreli founded Retrophin (a portmanteau of "recombinant dystrophin") in 2011 under the MSMB umbrella, and ran it as a portfolio company with an emphasis on biotechnology, to create treatments for rare diseases.[27][39][40][41]

Retrophin's board decided to replace Shkreli in September 2014, and he resigned from the company the following month.[34] He was replaced by Stephen Aselage.[42] During Shkreli's tenure as CEO, the company's employees used alias Twitter accounts to make gangster rap jokes and encourage short selling of other biotech stocks.[43]

After Shkreli's departure, Retrophin filed a US$65 million lawsuit against him in August 2015, claiming that he had breached his duty of loyalty to the biopharmaceutical company in a long-running dispute over his use of company funds[34][44][45] and "committed stock-trading irregularities and other violations of securities rules".[46] The lawsuit alleged that Shkreli had threatened and harassed a former MSMB employee and his family.[47]

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. Shkreli invoked his Fifth Amendment right against self-incrimination in order to avoid testifying during civil depositions.[48][49]

Shkreli's name is on two patents held by Retrophin for drugs to treat PKAN.[2][50]

Views on Shkreli's leadership

Critics argued that Shkreli was intelligent but too immature and unfocused for the job of CEO.[51] In July 2017, at Shkreli's criminal trial, Aselage testified: "He's [Shkreli] a brilliant intellect, visionary."[52]

Thiola price hike controversy

In May 2014 Retrophin acquired the rights to market Thiola, a drug used to treat the rare disease cystinuria.[53] Shortly before Retrophin fired Shkreli, Retrophin raised the price of Thiola from $1.50 to $30 per pill; patients must take 10 to 15 pills a day.[54]

In an article titled "The Most Unconscionable Drug Price Hike I Have Yet Seen", medicinal chemist Derek Lowe wrote of the Thiola action, "This one enrages me, and I do drug research for a living".[55] Retrophin did not lower the price after Shkreli's departure.[56]

In February 2016 Imprimis Pharmaceuticals announced it had developed an alternative to Thiola with an unspecified lower cost[54] and in May 2016 began selling two formulations of it.[57]

Turing Pharmaceuticals

Shkreli founded Turing Pharmaceuticals in February 2015, after his departure from Retrophin. He launched Turing with three drugs in development acquired from Retrophin: an intranasal version of ketamine for depression, an intranasal version of oxytocin, and Vecamyl for hypertension.[58] Shkreli set a business strategy for Turing: to obtain licenses on out-of-patent medicines and reevaluate the pricing of each in pursuit of windfall profits for the new company, without the need to develop and bring its own drugs to market.[59][60] As markets for out-of-patent drugs are often small, and obtaining regulatory approval to manufacture a generic version is expensive, Turing calculated that with closed distribution for the product and no competition, it could set high prices.[59]

Daraprim price hike controversy

On August 10, 2015, in accordance with Shkreli's business plan, Turing acquired Daraprim (pyrimethamine), a medication approved by the FDA in 1953,[61] from Impax Laboratories[62] for US$55 million.[63] The drug's most prominent use as of late 2015 was as an anti-malarial[64] and an antiparasitic, in conjunction with leucovorin and sulfadiazine[65] to treat patients with AIDS-related and AIDS-unrelated toxoplasmosis.[66]

The patent for Daraprim had expired, but no generic version was available.[67] The Turing–Impax deal included the condition that Impax remove the drug from regular wholesalers and pharmacies,[64] and so in June 2015, two months before the sale to Turing was announced, Impax switched to tightly controlled distribution.[24] In keeping with its strategy for pricing in the face of limited competition (see above), Turing maintained the closed distribution.[59] The New York Times noted that the deal "made sense only if Turing planned to raise the price of the drug substantially."[24]

On September 17, 2015, Dave Muoio of Healio, an in-depth clinical information website for health care specialists,[68] reported on a letter from the Infectious Diseases Society of America and the HIV Medicine Association to executives at Turing,[69] questioning a new pricing for Daraprim.[66] The price of a dose of the drug in the U.S. market increased from US$13.50 to US$750 per pill, overnight, a factor of 56.[70]

The price increase was initially criticized, jointly, by the Infectious Diseases Society of America and the HIV Medicine Association,[64][69] by the Pharmaceutical Research and Manufacturers of America,[71] and soon thereafter by presidential candidates Hillary Clinton,[72] Bernie Sanders,[73] and Donald Trump.[74]

A subsequent organized effort called on Turing to return pricing to pre-September levels and to address several matters relating to the needs of patients, an effort that garnered endorsements from more than 160 medical‑specialty and patient‑related organizations (as of December 2015, 164 organizations from thirty-one states, the District of Columbia, and Puerto Rico).[75][76]

In response to the controversy, the record label Collect Records publicly ended its business relationship with Shkreli, who had invested in the company.[77]

In a September 2015 interview with Bloomberg Markets, 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 Turing had expanded its free drug program, and that it sold half of its drugs for one dollar.[78] He defended the price hike by saying, "If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and we ask to charge Toyota prices, I don't think that that should be a crime."[79][80] A few days later, Shkreli announced that he planned to lower the price by an unspecified amount, "in response to the anger that was felt by people".[48] But in late November, Turing reversed course and said it would not lower the price after all.[81]

Following a request by Senator Bernie Sanders and Representative Elijah Cummings for details of Turing Pharmaceuticals' finances and price-setting practices in September 2015,[82][83] the company hired four lobbyists from Buchanan, Ingersoll & Rooney with backgrounds in health care legislation and pharmaceutical pricing.[84][13] In addition to lobbyists, Shkreli hired a crisis public relations firm to help explain the pricing decision.[11]

On October 22, 2015, Mark L. Baum, CEO of Imprimis Pharmaceuticals, announced that his company would provide a combination product containing pyrimethamine (the active ingredient in Daraprim) and leucovorin at "$1-a-pill" as a cheaper and more efficient alternative to Daraprim.[85] This product is intended to be used alongside sulfadiazine in the standard protocol to treat toxoplasmosis typically seen in AIDS patients.[66]

Baum noted, "This is not the first time a sole supply generic drug – especially one that has been approved for use as long as Daraprim – has had its price increased suddenly and to a level that may make it unaffordable". He announced the availability of the compounded replacement for Daraprim as a part of a larger corporate program, "Imprimis Cares", to make "novel and customizable medicines available to physicians and patients at accessible prices". Imprimis is now offering its compounded, orally taken formulations of pyrimethamine and leucovorin beginning at US$99 for a 100‑count bottle, essentially a dollar a dose.[85]

On November 23, 2015, Turing announced that the company would not reduce the list price of Daraprim, but said it planned instead to negotiate volume discounts of up to 50% for hospitals.[86] Turing issued a statement that it was not as important to cut the list price as to reduce the cost to hospitals, where most patients get their initial treatment. The company pledged that no patient needing Daraprim would ever be denied access.[81]

Infectious disease specialists and patient advocates, including Tim Horn of the Treatment Action Group and Carlos del Rio of the HIV Medicine Association, said Turing's actions were insufficient, given that patients initially treated for days at a hospital typically have to continue the treatment for weeks or months after leaving.[87]

KaloBios Pharmaceuticals

In November 2015, an investor group led by Shkreli acquired a majority stake in KaloBios Pharmaceuticals (OTC Pink Limited: KBIOQ), a biopharmaceutical company based in South San Francisco, California.[88] Shkreli was named CEO of the company and also planned to continue in the role of CEO of Turing Pharmaceuticals.[89][90] After his December 2015 arrest, KaloBios Pharmaceuticals terminated him as CEO.[91] On December 29, 2015, KaloBios filed for Chapter 11 bankruptcy. This followed NASDAQ delisting its shares, and the resignation of two directors.[92]

Gödel Systems, Inc

Shkreli founded Godel System in August 2016 as "a professional software company that aims to be the leading information provider of data, workflow, and communications solutions for financial, law, and scientific professionals." By February 2017 Godel Systems was looking to raise $1 million through a debt offering, and had raised $50,000 out of the $1 million in debt it began issuing in mid-January 2017, according to regulatory filings. Ralph Holzmann, a former senior engineer at Twitter, is the firm's chief technology officer.

Testimony before Congress

Shkreli was subpoenaed to appear before the Committee on Oversight and Government Reform of the U.S. House of Representatives to answer questions about the Daraprim price increase.[9] Shkreli's efforts to quash the subpoena were unsuccessful.[9]

On February 4, 2016, Shkreli appeared before the House committee,[93] along with Nancy Retzlaff,[94] the Chief Commercial Officer of Turing, and Howard B. Schiller, the interim CEO of Valeant.[95]

Shkreli followed his lawyer's advice and refused to answer any questions, except to confirm his name.[96][97] – including those related to his acquisition of the most expensive music album ever made[98] – by exercising his Fifth Amendment rights.[99]

On the same day, Shkreli wrote a public message on Twitter reading, "Hard to accept that these imbeciles represent the people in our government",[9] and later he took to the internet saying he was willing to take questions from the public that he’d refused to answer before Congress, justifying his position by accusing the Congressmen of being motivated purely by “self-interest.”[100]

Criminal prosecution and conviction

On December 17, 2015, Shkreli was arrested by the FBI after a federal indictment[101] in the U.S. District Court for the Eastern District of New York was filed, charging him with securities fraud. The charges were filed after an investigation into his tenure at MSMB Capital Management and Retrophin. He was accused of running a Ponzi-like scheme.[1]

A United States Department of Justice press release said, "As alleged, Martin Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit".[102][103] In an interview with The Wall Street Journal, Shkreli said that he was targeted by law enforcement for his price hikes of the drug Daraprim and his flamboyant personality.[104]

In his nationally syndicated column, political commentator Robert Reich wrote that what Shkreli did wrong was to be more audacious while "play[ing] the same game many others are playing on Wall Street and in corporate suites".[105]

In early 2016, Shkreli retained criminal defense attorney Benjamin Brafman to defend him.[106][107] At his 2017 trial, Shkreli argued that none of his investors actually lost money (some actually turned a profit) and thus his actions did not constitute a crime.[108] Shkreli's frequent criticisms of the federal prosecutors in New York's Eastern District, whom he called "junior varsity" compared to their counterparts in the Southern District across the East River, both on his Facebook streaming video feed and in the hallways of the courthouse, led those prosecutors to request that judge Kiyo A. Matsumoto issue a gag order to prevent what they called a "campaign of disruption." Brafman claimed in response that his client was responding to baiting from the media and was also suffering from extreme anxiety because of his situation.[109] Matsumoto ordered Shkreli not to speak with reporters, either in the courthouse or its immediate vicinity.[110]

On August 4, 2017, the trial jury found Martin Shkreli guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud, and not guilty on five other counts.[111] Shkreli said he was delighted with the outcome, stating "this was a witch hunt of epic proportions."

Shkreli’s attorney Benjamin Brafman told reporters that five not-guilty verdicts is positive, and said he thinks that the three guilty verdicts -- if they survive post-trial motions –- will lead to a lenient sentence.[112]

Net worth

In January 2016, Fortune estimated the then 32-year-old Shkreli's net worth as at least US $45,000,000 but later updated its profile to reflect that "[S]ince this article was published the value of Shkreli's E*Trade account has dropped by more than $40 million".[113] Shkreli leveraged a US $4,000,000 E-Trade account for his bail.[114]

In June 2017, Reuters reported that Shkreli had reported his net worth at $70 million after being arrested in 2015 and that his attorney Benhamin Brafman, in a hearing before Judge Kiyo Matsumoto, had conceded that his client still owned shares of Turing Pharmaceuticals worth between $30 to $50 million.[115]

Personal life

Hobbies and interests

Shkreli has a variety of interests ranging from collecting rare music albums to video gaming. He is an avid League of Legends player and in May 2014 he began expressing interest in purchasing an eSports team,[116] Enemy eSports announced that it had rejected a US$1.2 million offer from Shkreli.[117] He later founded his own team, Odyssey eSports, and aimed to qualify for the 2015 North American League of Legends Challenger Series. The team failed to qualify. In August 2015, Odyssey merged with another team to become the organisation Team Imagine, with Shkreli becoming chairman of the team. During the merger, the organisation signed the Dota 2 team Leviathan.[118][119]

In November 2015, Shkreli began livestreaming on YouTube. His streams, which last for hours at a time, have shown him working and idly passing time in mundane ways, such as playing video games, using social media or taking telephone calls.[120] Later he started a financial and chemistry class explaining the basics of each subject. He had previously streamed on the website Twitch but switched to YouTube.[121] When Shkreli was arraigned in December and released on bail, he continued streaming from his apartment.[122]

Shkreli was revealed as the winner of an auction for the Wu-Tang Clan album Once Upon a Time in Shaolin after the single copy of the album was sold via Paddle8 on November 24, 2015, for US$2 million to what was reported to be a "private American collector".[123] On December 9, 2015, Bloomberg Businessweek identified Shkreli as the purchaser.[98] In October 2016, Shkreli claimed on his Twitter that he would release the album for free download if Donald Trump won the 2016 US presidential election and would destroy the album if Hillary Clinton won.[124] He shared the intro and one track the day after Trump became the President-elect.[125]

In February 2016, he announced in an offer letter $10 million to become the sole owner of Kanye West's album The Life of Pablo.[126][127] On February 12, 2016, Shkreli increased his offer for West's The Life of Pablo from $10 million to $15 million.[128]

Shkreli was formerly a benefactor of Collect Records and offered to bail out American rapper Bobby Shmurda; Shkreli later retracted this offer after his own arrest.[129][130]

Twitter controversy

In January 2017, Shkreli's Twitter account was suspended after repeatedly tweeting about dating journalist Lauren Duca, and then sharing Photoshopped pictures of himself with Duca on his account.[131][132] In another Tweet, Shkreli had promoted "clovergender awareness", referring to a hoax trend of adults identifying as children, while also being sexually attracted to them.[133] In May 2017, Shkreli confirmed on his Facebook page that he had been banned permanently from Twitter.[134]

Politics

In October 2015, presidential candidate Bernie Sanders acknowledged having received a $2,700 donation from Shkreli, whom he had previously called a "poster child of greed". Sanders, however, said he would forward the money to Whitman-Walker Health, a D.C. community clinic known for its expertise in HIV/AIDS healthcare. Shkreli told medicine news portal STAT that among his reasons for donating to Sanders' campaign was that he supports some of Sanders' positions, excluding the ones about drug prices. He claimed he hoped to raise Sanders' attention in order to explain to him in a private meeting the drug companies' price-setting mechanisms.[135] In February 2017, Shkreli was invited to speak at Harvard University. The requested travel was approved by a judge.[136][137][138]

See also

References

  1. 1 2 Matthews, Christopher M.; Copeland, Rob; O'Brien, Rebecca Davis. "Martin Shkreli, Pharma Executive, Arrested on Fraud Charges". The Wall Street Journal. ISSN 0099-9660. Retrieved December 17, 2015. (Subscription required (help)).
  2. 1 2 3 4 McLean, Bethany (December 18, 2015). "Everything You Know About Martin Shkreli Is Wrong—or Is It?". Vanity Fair. ISSN 0733-8899. Archived from the original on January 23, 2016. Retrieved February 7, 2016. Martin Shkreli, the 32-year-old
  3. ↑ Creswell, Julie; Clifford, Stephanie; Pollack, Andrew; Goldstein, Matthew; Chen, David (December 17, 2015). "Drug C.E.O. Martin Shkreli Arrested on Fraud Charges". The New York Times. pp. A1, B6. ISSN 0362-4331. Archived from the original on February 5, 2016. Mr. Shkreli, a pharmaceutical industry entrepreneur...
  4. ↑ Matyszczyk, Chris (February 4, 2016). "Icons of Entrepreneurship: Why Martin Shkreli Speaks For Many Entrepreneurs". Inc.Com. Inc. (magazine). Retrieved September 24, 2016.
  5. ↑ Rockoff, Jonathan D. (December 17, 2015). "Martin Shkreli: From Biotech Entrepreneur to Accused Criminal". wsj.com. Wall Street Journal. Retrieved September 24, 2016.
  6. ↑ Chohan, Usman W. (January 8, 2015). "Martin Shkreli and the outrage of inequality". The Conversation. Retrieved October 26, 2016.
  7. ↑ Mangan, Dan (2017-06-30). "'Pharma Bro' Martin Shkreli 'wanted to be Stevie Cohen,' investor says". Retrieved 2017-07-01.
  8. ↑ Balakrishnan, Anita (2017-08-08). "Martin Shkreli's new tech start-up Godel Systems in beta". Retrieved 2017-08-11.
  9. 1 2 3 4 Carolyn Y. Johnson, "'Pharma bro' Martin Shkreli refuses to testify at congressional hearing, calls lawmakers 'imbeciles' in tweet", The Washington Post (February 4, 2015).
  10. ↑ Shina, Lucinda (September 23, 2015). "Here’s What ‘The Most Hated Man in America’ Thinks About Donald Trump". New York, NY: Fortune.
  11. 1 2 Tannahill, Jason (October 9, 2015). "PR Man Allan Ripp Representing The 'Most Hated Man in America'". EverythingPR.
  12. 1 2 3 4 Thomas, Zoe; Swift, Tim (September 23, 2015). "Who is Martin Shkreli – 'the most hated man in America'?". London, UK: BBC News. Archived from the original on December 31, 2015.
  13. 1 2 Ho, Catherine (October 7, 2015). "Working For 'The Most Hated Man in America'". The Washington Post. Retrieved December 10, 2015.
  14. ↑ "Martin Shkreli - 'American's most hated man' - auctioning off chance to hit him in the face". The Telegraph. Retrieved 2017-02-16.
  15. ↑ "Martin Shkreli quits Turing Pharmaceuticals after arrest". BBC News. December 18, 2015.
  16. ↑ Pollack, Andrew (December 19, 2015). "Martin Shkreli Resigns From Turing Pharmaceuticals". The New York Times.
  17. ↑ "Turing Pharmaceuticals AG Announces Appointment of Ron Tilles as Interim CEO". Turing Pharmaceuticals.
  18. ↑ Merle, Renae (August 4, 2017). "Martin Shkreli is found guilty of securities fraud". The Washington Post.
  19. 1 2 Ortiz, Erik; Dienst, Jonathan; Valiquette, Joe; Hastey, Alicia (December 17, 2015). "FBI Arrests Pharma CEO Martin Shkreli on Securities Fraud Charges". New York: NBC News. Archived from the original on February 5, 2016.
  20. 1 2 Pearson, Erica (March 9, 2015). "Hunter College High School gets record $1M gift from grad". Daily News. New York. Archived from the original on January 24, 2016.
  21. 1 2 Creswell, Julie; Clifford, Stephanie; Pollack, Andrew; Goldstein, Matthew; Chen, David (December 17, 2015). "Drug C.E.O. Martin Shkreli Arrested on Fraud Charges". The New York Times. pp. A1, B6. ISSN 0362-4331. Archived from the original on February 5, 2016.
  22. ↑ "Martin Shkreli attempts to bring an ignorant racist back to reality [WARNING: MELTDOWN]". YouTube. Retrieved 2017-02-25.
  23. ↑ "Martin Shkreli Interview at The Breakfast Club Power 105.1 (02/03/2016)". YouTube. Retrieved 2016-02-07.
  24. 1 2 3 4 5 Pollack, Andrew; Creswell, Julie (September 22, 2015). "Martin Shkreli, the Mercurial Man Behind the Drug Price Increase That Went Viral". The New York Times. p. B1. ISSN 0362-4331. Archived from the original on December 6, 2015.
  25. ↑ Chen, David W.; Rosenberg, Eli (December 24, 2015) [1st puborn December 18, 2015]. "Martin Shkreli’s Arrest Fuels Debate Over $1 Million Donation". The New York Times. p. A17. ISSN 0362-4331. Archived from the original on December 31, 2015. Retrieved February 7, 2016.
  26. ↑ "Homeless Charity Says It Will Give Shkreli’s $15,000 Back". Newsweek. Reuters. December 18, 2015. Retrieved December 19, 2015.
  27. 1 2 3 4 5 Barrett, Paul (April 17, 2014). "Retrophin's Martin Shkreli, the Biotech Short Seller Who Went Long". Bloomberg Businessweek. ISSN 0007-7135. Retrieved December 17, 2015. Once a Notorious Short Seller, Martin Shkreli Now Sees a Future in Biotech
  28. ↑ "Martin Shkreli". TheStreet.com. Retrieved December 17, 2015.
  29. ↑ "Shkreli Indictment Portrays Small-Time Fraud". The New York Times. December 18, 2015.
  30. ↑ La Roche, Julia; Jacobs, Peter (December 17, 2015). "Hedge funder Martin Shkreli has been arrested in a securities-fraud investigation", Business Insider, December 2015.
  31. ↑ Pollack, Andrew (February 1, 2011). "FDA Declines to Approve Diet Drug". The New York Times. Shares of Orexigen plunged 72.5 percent on Tuesday, to $2.50
  32. ↑ "Former Hedge Fund Manager and New York Attorney Indicted in Multi‑Million‑Dollar Fraud Scheme" (Press release). Federal Bureau of Investigation. December 17, 2015. Archived from the original on December 31, 2015. In February 2011, MSMB Capital failed to settle a short position of more than 11 million shares of Orexigen Therapeutics ... that Merrill Lynch ultimately closed at a loss of over $7 million
  33. ↑ Hiltzik, Michael (December 17, 2015). "Martin Shkreli was one terrible investor, SEC document shows". latimes.com. Los Angeles Times. Retrieved August 8, 2016.
  34. 1 2 3 United States District Court for the Southern District of New York (October 17, 2015). "EX-99.1, Retrophin, Inc. v. Martin Shkreli". SEC.gov (EDGAR). United States Securities and Exchange Commission. Retrieved September 22, 2015.
  35. ↑ Silverman, Ed (September 26, 2015). "Biotech Exec Martin Shkreli Has History of Tough Tactics". The Boston Globe. Retrieved September 28, 2015.
  36. ↑ "Hedge Fund Manager Denies CREW Allegations". FINalternatives. July 17, 2012.
  37. ↑ Nussbaum, Alex (October 3, 2011). "MSMB Capital Makes Unsolicited $378M Bid For AMAG Pharmaceuticals". Bloomberg Businessweek. ISSN 0007-7135. Retrieved December 9, 2015.
  38. ↑ Herper, Matthew (December 18, 2012). "30 Under 30: Hedge Fund Gadfly Turns Biotech Entrepreneur". forbes.com. Forbes. Retrieved August 8, 2016.
  39. ↑ Silverman, Ed (December 17, 2015). "Reviled CEO Martin Shkreli arrested on securities fraud charges". STAT. Boston Globe Media Partners.
  40. ↑ Weintrub, Arlene (August 18, 2015). "Retrophin Sues Founder Martin Shkreli For $65M. His Reply: 'Preposterous'", Forbes. Retrieved December 23, 2015.
  41. ↑ "Retrophin: About Us". Archived from the original on December 30, 2011.
  42. ↑ "Stephen J. Aselage biography". Bloomberg. September 22, 2015. Retrieved September 22, 2015.
  43. ↑ Feuerstein, Adam. "Retrophin CEO Under Fire for Twitter Faux Pas". TheStreet.
  44. ↑ Milford, Phil; Tracer, Zachary (August 17, 2015). "Retrophin Sues Founder in Latest Fight Over Use of Funds". Bloomberg Businessweek. ISSN 0007-7135. Retrieved September 22, 2015.
  45. ↑ Weintraub, Arlene (October 15, 2015). "Retrophin Sues Founder Martin Shkreli For $65M. His Reply: 'Preposterous'". Forbes. Retrieved December 10, 2015.
  46. ↑ Barrett, Paul (October 2, 2014). "Executives: Biotech Company Retrophin Fired CEO Because of Stock Irregularities". Bloomberg Businessweek. ISSN 0007-7135. Retrieved December 10, 2015.
  47. ↑ Mangan, Dan (September 22, 2015). "Controversial Drug CEO was Accused of Serious 'Harassment'". CNBC. Retrieved December 10, 2015.
  48. 1 2 Eichenwald, Kurt (September 23, 2015). "Federal Prosecutors Target Martin Shkreli in a Criminal Investigation". Newsweek. Retrieved September 27, 2015.
  49. ↑ Barrett, Paul (February 23, 2015). "Biotech's 'Boy Genius' Faces New Allegations of Wrongdoing". Bloomberg Businessweek. ISSN 0007-7135. Retrieved December 10, 2015. Subtitle: Retrophin fired former CEO Martin Shkreli in October, and their new SEC filing reveals more about his apparent misdeeds.
  50. ↑ US patent 8673883, "Pantothenate derivatives for the treatment of neurologic disorders" US patent 9181286, "Pantothenate derivatives for the treatment of neurologic disorders""Google patents". Retrieved December 23, 2015.
  51. ↑ Feuerstein, Adam. "Shkreli's Inability to Focus, Immaturity Cost Him Retrophin CEO Job". TheStreet. Retrieved December 23, 2015.
  52. ↑ "CEO of Martin Shkreli's old company likens him to 'Pied Piper'". Reuters. July 13, 2017. Retrieved 2017-07-17.
  53. ↑ Allen, Samantha (September 21, 2015). "Martin Shkreli Is Big Pharma's Biggest A**hole". The Daily Beast. Archived from the original on September 22, 2015.
  54. 1 2 Sternberg, Steve (February 10, 2016). "Drugmaker Imprimis to Market a Cheaper Kidney Stone Treatment". usnews.com. U.S. News & World Report. Retrieved August 8, 2016.
  55. ↑ Lowe, Derek (September 11, 2014). "The Most Unconscionable Drug Price Hike I Have Yet Seen". sciencemag.org. American Association for the Advancement of Science. Retrieved August 8, 2016.
  56. ↑ "How Pharmacies Are Dealing with Daraprim After Martin Shkreli's Arrest". fortune.com. Fortune. December 18, 2015. Retrieved August 8, 2016.
  57. ↑ "Imprimis Pharmaceuticals Begins Dispensing Lower Cost Alternative to Thiola®". prnewswire.com. PR Newswire. May 2, 2016. Retrieved August 8, 2016.
  58. ↑ Weintraub, Arlene (February 27, 2015). "Gadfly Pharma Investor Shkreli Starts Anew After Ousting From Retrophin". Forbes. Retrieved September 24, 2015.
  59. 1 2 3 Surowiecki, James (October 12, 2015). "The Financial Page: Taking on the Drug Profiteers". The New Yorker. Retrieved December 10, 2015.
  60. ↑ Lowe, Derek (September 21, 2015). "Blog: Martin Shkreli Has One Idea, And It's a Bad One". In the Pipeline. OCLC 5942328021. Retrieved December 9, 2015 – via Science Translational Medicine.
  61. ↑ Norviel, Vern; Hoffmeister, David M. (September 30, 2015). "A Look At The Legality Behind Daraprim's Price Spike". law360.com. Law360. Retrieved August 8, 2016.
  62. ↑ Timmerman, Luke (September 23, 2015). "Pharma & Healthcare: A Timeline of the Turing Pharma Controversy". Forbes. Retrieved December 10, 2015.
  63. ↑ Mitchell, Andrea; Helsel, Phil (September 23, 2015). "Drug CEO Will Lower Price of Daraprim After Hike Sparked Outrage". NBC News. Retrieved September 23, 2015.
  64. 1 2 3 Pollack, Andrew (September 20, 2015). "Business Day: Drug Goes From $13.50 a Tablet to $750, Overnight". The New York Times. Retrieved December 10, 2015.
  65. ↑ Masur H, Brooks JT, Benson CA, Holmes KK (February 2014). "Prevention and treatment of opportunistic infections in HIV-infected adults and adolescents: Updated Guidelines from the Centers for Disease Control and Prevention, National Institutes of Health, and HIV Medicine Association of the Infectious Diseases Society of America.". Clin Infect Dis. 58 (9): 1308–11. PMC 3982842 Freely accessible. PMID 24585567. doi:10.1093/cid/ciu094.
  66. 1 2 3 Muoio, Dave (September 17, 2015). "Infectious Disease News: Daraprim price jump raises concerns among ID groups, providers". Healio. Retrieved December 10, 2015.
  67. ↑ Tirrell, Meg (December 1, 2015). "Express Scripts, Imprimis to offer $1 Daraprim alternative", CNBC, November 30, 2015. Retrieved December 23, 2015.
  68. ↑ "About Healio". Healio. December 10, 2015. Retrieved December 10, 2015.
  69. 1 2 Calderwood, Stephen B.; Adimora, Adaora (September 8, 2015). "Letter from Stephen B. Calderwood, MD, FIDSA (President, IDSA) and Adaora Adimora, MD, MPH, FIDSA (Chair, HIVMA) to Mssrs. Tom Evegan (Head of Managed Markets) and Kevin Bernier (National Director Alliance Development & Public Affairs), both of Turing Pharmaceuticals" (PDF). Arlington, Virginia: Infectious Diseases Society of America (IDSA), HIV Medicine Association (HIVMA). Retrieved December 10, 2015.
  70. ↑ Kliff, Sarah (September 22, 2015). "Vox Explainers: A Drug Company Raised a Pill's Price 5,500 Percent Because, in America, It Can". Vox. Retrieved December 9, 2015.
  71. ↑ Bloomfield, Doni (September 22, 2015). "Drug CEO Targeted by Clinton Is Criticized by Drug Lobby". Bloomberg Businessweek. ISSN 0007-7135. Retrieved September 23, 2015.
  72. ↑ Long, Heather; Egan, Matt; Dodley, Dominique (September 22, 2015). "Meet the guy behind the $750 AIDS drug". CNN. Retrieved September 23, 2015.
  73. ↑ Eunjung Cha, Ariana (September 22, 2015). "CEO who raised price of old pill more than $700 calls journalist a 'moron' for asking why". The Washington Post. Retrieved September 23, 2015.
  74. ↑ LoGiurato, Brett. "Donald Trump trashes former hedge-fund guy who jacked up drug price: 'He looks like a spoiled brat'". Business Insider. Retrieved September 23, 2015.
  75. ↑ Tirrell, Meg (October 22, 2015). Health Groups Appeal to Turing on Drug Price (news video). Englewood Cliffs, New Jersey: CNBC. Retrieved December 10, 2015.
  76. ↑ "An Open Appeal to Turing Pharmaceuticals". Arlington, Virginia: Infectious Diseases Society of America (IDSA). November 3, 2015. Retrieved December 10, 2015.
  77. ↑ Walters, Joanna (September 25, 2015). "Music Industry: Label Cuts Ties With Hedge Fund Man Who Boosted AIDS Drug Price 5,000%". The Guardian. Retrieved September 28, 2015. Subtitle: Collect Records says it is impossible to continue having Martin Shkreli as investor over raising Daraprim price from $13.50 per tablet to $750.
  78. ↑ Fu, Scarlet (September 21, 2015). "Drug Goes From $13.50 to $750 Overnight [interview]". Bloomberg. Retrieved December 10, 2015.
  79. ↑ Ramsey, Lydia (September 22, 2015). "A pharma CEO tried to defend his decision to jack up the price of a critical drug by 5,000% – and it backfired". Business Insider.
  80. ↑ "Company hikes price of popular drug". Reuters. September 22, 2015.
  81. 1 2 Pollack, Andrew (November 24, 2015). "Turing Refuses to Lower List Price of Toxoplasmosis Drug". The New York Times. p. B4. ISSN 0362-4331. Archived from the original on November 25, 2015. Retrieved February 7, 2016.
  82. ↑ Ramsey Lydia (October 12, 2015). "Pharma CEO Martin Shkreli failed to respond to Bernie Sanders about his drug hike – and Sanders is not happy". Business Insider.
  83. ↑ Sanders, Bernie (September 21, 2015). "2015-09-01 EEC Sanders to Turing Pharmaceuticals" (PDF). United States House Committee on Oversight and Government Reform (Democratic Party). Retrieved October 9, 2015.
  84. ↑ Wilson, Megan R. (October 2, 2015). "Business & Lobbying: Drug firm maligned for 5,000 percent price hike turns to K Street for help". The Hill. Retrieved December 9, 2015.
  85. 1 2 Fox, Maggie (October 22, 2015). "Health: Competitor to Offer $1 Pill After Turing Price Hike Outrage". NBC News. Retrieved December 10, 2015.
  86. ↑ Langreth, Robert (November 24, 2015). "Drugmaker Turing Suggests It Won't Cut List Price of Daraprim". Bloomberg Businessweek. ISSN 0007-7135. Retrieved December 10, 2015.
  87. ↑ "Business: Turing Reneges on Drug Price Cut, Rival's Version Sells Well". The Washington Post. Associated Press. November 25, 2015. Retrieved November 27, 2015.
  88. ↑ "KaloBios stock rockets after investment from Shkreli". Yahoo Finance. November 19, 2015.
  89. ↑ "KaloBios Pharmaceuticals, Inc. Appoints Martin Shkreli CEO and Announces New Financing". Kalobios. November 19, 2015. Retrieved December 18, 2015.
  90. ↑ Weintraub, Arlene (November 19, 2015). "Here's Why Shkreli Is Going To Have His Hands Full Trying To Save KaloBios". Forbes. Retrieved December 10, 2015.
  91. ↑ Rosenfeld, Everett. "Martin Shkreli fired by KaloBios Pharmaceuticals". CNBC. Retrieved December 21, 2015.
  92. ↑ "Martin Shkreli's KaloBios files for bankruptcy". CNBC. Reuters. Retrieved December 30, 2015.
  93. ↑ "Developments in the Prescription Drug Market: Oversight – United States House Committee on Oversight and Government Reform". Oversight.house.gov. Retrieved 2016-02-07.
  94. ↑ "TESTIMONY OF NANCY RETZLAFF CHIEF COMMERCIAL OFFICER, TURING PHARMACEUTICALS" (PDF). oversight.house.gov.
  95. ↑ "Statement of Howard B. Schiller Interim Chief Executive Officer and Director, Valeant Pharmaceuticals International, Inc." (PDF). oversight.house.gov. February 4, 2016.
  96. ↑ "Drug company boss Martin Shkreli refuses to testify to Congress". oversight.house.gov.
  97. ↑ "Watch Martin Shkreli Troll Congress by Taking the Fifth Over and Over Again". MoneyBox.
  98. 1 2 Leonard, David; Hordern, Annmarie (December 9, 2015). "Who Bought The Most Expensive Album Ever Made?". Bloomberg Businessweek. ISSN 0007-7135. Retrieved December 10, 2015.
  99. ↑ Pollack, Andrew; Huetteman, Emmarie (February 4, 2016). "Martin Shkreli Invokes the Fifth Amendment During Grilling by Congress". The New York Times. p. B1. ISSN 0362-4331. Archived from the original on February 10, 2016.
  100. ↑ "Shkreli didn't say much to Congress, but he talked non-stop afterward".
  101. ↑ Smythe, Christie; Geiger, Keri (December 17, 2015). "Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges". Bloomberg Businessweek. ISSN 0007-7135.
  102. ↑ Former Hedge Fund Manager and New York Attorney Indicted in Multimillion Dollar Fraud Scheme, U.S. Attorney's Office, Eastern District of New York, United States Department of Justice, December 17, 2015.
  103. ↑ Grim, Ryan; Young, Jeffrey (September 23, 2016) [2015]. "Drug‑Price Gouging Hedge Fund Guy May Be Even Worse Than You Thought, SEC Documents Show". Archived from the original on December 20, 2015.
  104. ↑ Copeland, Rob. "Martin Shkreli Says Drug-Price Hikes Led to Arrest". The Wall Street Journal. ISSN 0099-9660. Retrieved December 21, 2015. (Subscription required (help)).
  105. ↑ Reich, Robert (December 24, 2015). "Opinion: Shkreli: sociopath or just extra-brash corporate exec?". San Francisco Chronicle. ISSN 1932-8672. Archived from the original on February 6, 2016. So what, exactly, did Martin Shkreli do wrong, by the standards of today's capitalism? He played the same game many others are playing on Wall Street and in corporate suites. He was just more audacious about it.
  106. ↑ Goldstein, Matthew; Stevenson, Alexandra (February 3, 2016). "Martin Shkreli Appears to Adopt a New Legal Strategy: Silence". The New York Times. ISSN 0362-4331.
  107. ↑ Silverstein, Jason (February 2, 2016). "Shkreli hires Brafman, high‑profile attorney". Daily News. New York. LCCN sn83030450.
  108. ↑ Merle, Renae (July 8, 2017). "The fascinating legal argument at the heart of the Martin Shkreli 'Pharma Bro' trial". The Washington Post. Retrieved July 10, 2017.
  109. ↑ Merle, Renae (July 5, 2017). "Prosecutors want Martin Shkreli to stop talking". The Washington Post. Retrieved July 10, 2017.
  110. ↑ Merle, Renae (July 5, 2017). "Judge to Martin Shkreli: Keep your mouth shut". The Washington Post. Retrieved July 10, 2017.
  111. ↑ "Martin Shkreli trial verdict: Guilty on 3 of 8 counts".
  112. ↑ News, A. B. C. (2017-08-04). "'Pharma Bro' Martin Shkreli 'delighted' by verdict in securities fraud trial". ABC News. Retrieved 2017-08-04.
  113. ↑ Shkreli net worth estimate, fortune.com, January 8, 2016; accessed April 19, 2017.
  114. ↑ Shkreli's etrade account has lost $40 million, fortune.com; accessed February 18, 2017.
  115. ↑ Editorial, Reuters. "U.S. judge wants more details on ex-drug executive Shkreli's finances". Reuters India. Retrieved 2017-06-27.
  116. ↑ Wolf, Jacob (May 6, 2015). "Millionaire pharmaceutical CEO set to shake up Challenger scene with new team". The Daily Dot. Retrieved August 27, 2015.
  117. ↑ Weber, Alexandre "Druppet" (May 4, 2015). "Enemy Esports Turned Down $1.2 Million For Their League of Legends Team". eSports Go. Retrieved September 24, 2015.
  118. ↑ Wolf, Jacob (August 7, 2015). "Imagine and Odyssey merge, add Leviathan Dota 2 squad". The Daily Dot. Retrieved August 27, 2015.
  119. ↑ Ciubotaru, Andra (August 18, 2015). "Recently merged League of Legends organization adds Team Leviathan Dota 2 squad". DotaBlast. Retrieved August 27, 2015.
  120. ↑ "Martin Shkreli, widely scorned CEO, livestreams his life". STAT.
  121. ↑ Martin Shkreli. YouTube.
  122. ↑ Shkreli, Martin (November 4, 2015). Martin Shkreli Live Stream. YouTube.
  123. ↑ Greenburg, Zack O'Malley (November 24, 2015). "Wu-Tang Clan Secret Album Sold By Paddle8, But To Whom?", Forbes.com; retrieved December 23, 2015.
  124. ↑ "Martin Shkreli Will Drop Unreleased Wu-Tang Clan Music If Donald Trump Wins Presidential Election". xxlmag.com. October 2016.
  125. ↑ Hell Freezes Over as Martin Shkreli Performs a Public Service, Gizmodo.com, November 9, 2016.
  126. ↑ "Martin Shkreli makes a play for Kanye album". Detroit Free Press. February 12, 2016. Retrieved February 2, 2016.
  127. ↑ Deerwester, Jaime; McCoy, Kevin (February 12, 2016). "Martin Shkreli: Kanye must take offer to record label board". USA Today. Retrieved February 2, 2017.
  128. ↑ "Martin Shkreli Increases Offer To Buy Kanye West’s "The Life Of Pablo" To $15 Million". HipHopDX. February 12, 2016. Retrieved February 14, 2016.
  129. ↑ "Pharm CEO Martin Shkreli Wants To Bail Out Bobby Shmurda And Pay His Defense Too". Allhiphop.
  130. ↑ "Martin Shkreli Says He'll Bail Out Bobby Shmurda: "He's Going To Owe Me One, Obviously"". Stereogum. Retrieved December 23, 2015.
  131. ↑ CNBC (2017-01-08). "Martin Shkreli trolls Teen Vogue reporter, gets suspended from Twitter". CNBC. Retrieved 2017-01-08.
  132. ↑ "Martin Shkreli suspended from Twitter for harassing freelance journalist Lauren Duca". Business Insider. Retrieved 2017-01-08.
  133. ↑ "Cloverfailed". snopes.com. Retrieved February 13, 2017.
  134. ↑ "Martin Shkreli". facebook.com. Retrieved May 6, 2017.
  135. ↑ Chris Isidore (October 19, 2015). "Bernie Sanders rejects donation from most hated drug CEO". CNN Money. Retrieved February 2, 2017.
  136. ↑ Hopkins, Anna. "Martin Shkreli to speak at Harvard about healthcare". Dailymail.co.uk. Retrieved 2017-02-25.
  137. ↑ "'Pharma bro' Martin Shkreli to speak at Harvard after judge says OK". Fox News. 2017-02-13. Retrieved 2017-02-25.
  138. ↑ "Ex-drug company CEO Martin Shkreli to speak at Harvard". Abcnews.go.com. 2017-02-12. Retrieved 2017-02-25.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.