Pharma Bro Martin Shkreli banned for life from the pharmaceutical industry and ordered to pay $64.6 million

A file photo of former pharmaceutical executive Martin Shkreli.

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A federal judge on Friday ordered notorious ‘Pharma Bro’ Martin Shkreli’s lifetime ban from the pharmaceutical industry and also ordered him to pay $64.6 million in profits he made from the price hike of the drug Daraprim.

The ruling by the U.S. District Court in Manhattan came in response to a lawsuit alleging illegal and monopolistic behavior by the incarcerated Shkreli, which was filed by the Federal Trade Commission and several states, including New York and California.

Shkreli’s monetary penalty will be in addition to the $40 million plaintiffs won in a settlement last month with Vyera Pharmaceuticals, the company he founded.

Shkreli is serving a seven-year federal prison sentence for financial crimes unrelated to his controversial price increase of more than 5,000% of Daraprim, a drug used to treat parasitic infections in pregnant women, babies, patients with HIV and others.

Judge Denise Cote’s ruling found that Shkreli, while CEO of Vyera Pharmaceuticals, violated federal and state laws with anticompetitive conduct to protect Daraprim’s profits.

Vyera was known as Turing Pharmaceuticals when Shkreli ordered the drug’s massive price hike in 2015, which at the time earned him widespread condemnation from a wide range of people, including the former President Donald Trump and Democratic presidential candidate Hillary Clinton.

As part of last month’s deal with Vyera, former Shkreli business partner Kevin Mulleady agreed to be banned from the pharmaceutical industry for seven years.

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