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Martin Shkreli Resigns as CEO of Turing Pharmaceuticals

Martin Shkreli Resigns as CEO of Turing Pharmaceuticals

martin shkreli resigns

After radically increasing the price a drug that can be a lifesaver for those with HIV, and later being arrested for securities fraud unrelated to his price-gouging, Turing Pharmaceuticals CEO Martin Shkreli has resigned.

Shkreli was hauled away in handcuffs on Thursday in New York after being accused of a complicated shell game involving secret payments and deceptive arrangements, all in an effort to pay off personal debts. Shkreli was previously accused of illegally using company stock for non-business uses. The board of Turing discovered the alleged deceit, attempted to oust him, and slapped him with a lawsuit. The 32-year-old former executive formally quit on Friday, reports the Los Angeles Times. Ron Tilles, chairman of Turing's board of directors, will run the company on an interim basis.

The world became aware of Shkreli when he aquired the rights to Daraprim this summer and almost immediately raised the price by 5,000 percent, from $13.50 a pill to $750 a pill. Daraprim is essential in treating toxoplasmosis, a parasitic infection that can result in headaches, confusion, poor coordination, seizures, lung problems, and blurred vision. The infection can be fatal in people with compromised immune systems, including those with HIV or cancer.

Everyone from Hillary Clinton to Donald Trump blasted Shkreli's price increase, which he described as a smart business move. Democratic presidential candidate Bernie Sanders rejected Shkreli's donation of $2,700, giving it to an HIV clinic instead.


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