Martin Shkreli, whom you could know as “Pharma Bro,” launched a new company final 12 months known as “Druglike, Inc.” Now, the Federal Trade Commission (FTC) has requested a federal decide to hold him in contempt for failing to cooperate with the company in its investigation to decide whether or not launching the company violates his lifetime business ban. US District Court Judge Denise Cote imposed a lifetime ban on Shkreli that prohibits him from collaborating in the pharmaceutical business early final 12 months. Cote dominated that the previous pharma exec orchestrated an unlawful anticompetitive scheme to acquire a monopoly over Daraprim, a life-saving anti-malarial and anti-parasitic drug.
After Shkreli’s former company, Turing Pharmaceuticals, obtained the manufacturing license for Daraprim, it raised the drug’s costs from $17.50 to $750 per pill. Cote sided with the FTC in the antitrust lawsuit the company filed towards Shkreli in 2020 and ordered him to pay $64.6 million in damages, in addition to imposing a lifetime business ban towards him. Prior to Druglike’s launch, Shkreli tried (and failed) to persuade a decide to put the ban on hold, arguing that the general public may benefit from his future contributions to the business. Shkreli challenged the ban whereas he was serving time in federal jail after receiving a seven-year sentence in 2017 for defrauding traders. He was launched from jail in May.
The FTC stated it began asking Shkreli for a compliance report and entry to related data, in addition to asking him to sit for an interview relating to Druglike, in October 2022. However, the company co-founder stored on disregarding its “repeated requests.” The company additionally stated that Shkreli has but to pay any quantity of his $64.6 million wonderful. It’s now asking the court to order Shkreli to adjust to its data requests inside 21 days of its determination.
In a press launch (PDF) for its launch, Druglike described itself as “a Web3 drug discovery software platform.” The company stated it is constructing a “decentralized computing network” that “provides resources for anyone looking to start or contribute to early-stage drug discovery projects.” In a press release, Shkreli stated “Druglike will remove barriers to early-stage drug discovery, increase innovation and allow a broader group of contributors to share the rewards.”
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