Convicted ‘Pharma Bro’ Shkreli's Vyera Files for Bankruptcy
BIOMARKER
1. Martin Shkreli's Vyera Pharmaceuticals filed for Chapter 11 bankruptcy protection.
2. The company was driven to bankruptcy by declining profits and Federal Trade Commission litigation over its toxoplasmosis tablet Daraprim.
3. Vyera intends to repay creditors by selling off its assets.
4. The company estimates liabilities to be between $1 million and $10 million.
5. Daraprim is an oral anti-parasitic drug used for the treatment of toxoplasmosis and acute malaria.
6. The FTC alleged that Vyera engaged in an anticompetitive scheme to preserve a monopoly on Daraprim, allowing them to hike the price of the medicine by over 4,000%.
7. Shkreli became infamous in 2015 after he inflated the price of Daraprim.
8. Shkreli was arrested in 2015 and was found guilty of securities fraud charges in 2017.
9. In 2022, Shkreli was ordered to surrender $64.6 million in profits from the inflated Daraprim prices and was banned from any future involvement in the pharma industry.
10. A judge also denied his request to delay his payment from a prior ruling.