Turing CEO Martin Shkreli in custody after securities probe

NEW YORK -- Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is in custody following a securities probe.

See Full Article

Calls to an attorney who has represented Shkreli in the past were not immediately returned. His arrest was confirmed Thursday by FBI spokeswoman Kelly Langmesser.

Shkreli stirred public outrage earlier this fall when his company, Turing Pharmaceuticals jacked the price of a drug used to treat a life-threatening infection by more than 5,000 per cent. Turing raised the price on Daraprim, a 62-year-old drug whose patent expired decades ago, from $13.50 to $750 per pill. The drug is the only approved treatment for a rare parasitic infection called toxoplasmosis that mainly strikes pregnant women, cancer patients and AIDS patients.

Shkreli said the company would cut the drug's price. Last month, however, Turing reneged on its pledge. Instead, the company is reducing what it charges hospitals for Daraprim by as much as 50 per cent. Most patients' copayments will be capped at $10 or less a month. But insurance companies will be stuck with the bulk of the tab, potentially driving up future treatment and insurance costs.

Turing, with offices in New York and Switzerland, bought U.S. rights to sell Daraprim in August, when it had no competition. Daraprim is one of numerous old drugs with limited competition whose makers have raised prices sharply.

Rising pharmaceutical prices has become a topic in the upcoming U.S. presidential race.



Advertisements

Latest Canada & World News

  • Conservative MP Kellie Leitch won't run in 2019

    Canada News CBC News
    Conservative MP Kellie Leitch will not seek re-election in 2019, CBC News has confirmed. Leitch, who represents the Ontario riding of Simcoe–Grey, made a failed bid for the party's leadership last year. More to come Source
  • Girl tortured with siblings was bullied, frail: classmate

    World News CTV News
    LOS ANGELES -- The oldest of the 13 California siblings who authorities said were imprisoned by their parents was frail, smelly and picked on as a grade school student in Texas, one of her classmates said in a heart-wrenching Facebook post. Source
  • Oklahoma gas rig workers' remains recovered day after explosion

    World News CBC News
    Officials on Tuesday recovered the remains of five gas rig workers who had been missing since a fiery explosion in eastern Oklahoma a day earlier. Pittsburg County Sheriff Chris Morris said once the natural gas drilling rig was stabilized following the blast and subsequent fires, employees from the state medical examiner's office went into the wreckage and recovered the bodies in about two hours. Source
  • Calgary skydiver killed in Southern California roof crash

    Canada News CTV News
    PERRIS, Calif. -- Authorities have identified a skydiver who died when he fell onto the roof of a home in Southern California. The Riverside County coroner's bureau says the man who died Monday afternoon was Aime-Jean St. Source
  • Gay couple sues U.S. government for denying citizenship to one of their twins

    World News CTV News
    LOS ANGELES -- Ethan and Aiden Dvash-Banks are toddler twins who share almost everything: the same toys, the same nursery, the clothes and the same parents. Everything but a toothbrush and U.S. citizenship. To remedy what their parents, a gay married couple, view as an injustice, Ethan Dvash-Banks became a plaintiff at the tender age of 16 months in a federal lawsuit against the U.S. Source
  • Bodies of B.C. father, teen daughter recovered after ATV accident

    Canada News CTV News
    CAMPBELL RIVER, B.C. - A search for a man and his teenage daughter who were swept away while crossing a Vancouver Island creek on an all-terrain vehicle has come to an end after both bodies were found. Source
  • B.C. woman recalls fleeing 1964 tsunami in rowboat after quake

    Canada News CTV News
    VICTORIA -- Lea Gardner remembers getting in a rowboat with her husband, three young children and the family dog to flee a tsunami that hit British Columbia 54 years ago. But the 83-year-old Port Alberni resident says she calmly slept through Tuesday's tsunami warning that prompted evacuations after a magnitude 7.9 earthquake off the coast of Alaska. Source
  • Zamboni McZamboniface? An N.S. arena’s Canadian twist on the viral naming trend

    Canada News CTV News
    Zamboni McZamboniface is a bit of a mouthful, but that could be the name of the new ice resurfacing machine at a Nova Scotia arena if local kids choose to continue a long-running joke. The Dominion Arena in Dominion, N.S. Source
  • U.S. gymnastics doctor to be sentenced Wednesday in sex assault case

    World News CBC News
    A former elite gymnast said Tuesday that a sports doctor who treated Olympic athletes overlooked what turned out to be a broken leg while he molested her in the basement of his home, one of the latest victims to testify at a Michigan sentencing hearing for Larry Nassar. Source
  • Ontario transit agency says it was hit by North Korean cyberattack

    Canada News CBC News
    An Ontario transit agency says it was in the crosshairs of a North Korean cyberattack earlier this month. The attack was a virus, routed through Russia, that infected computers at Metrolinx, according to a source at the agency who spoke on condition of anonymity. Source