Shkreli’s Ex-Company Sued Over Drug It Marked Up 5,000 Percent
Impax Pharmaceuticals says Turing Pharmaceuticals breached its sales contract by failing to reimburse $20 million in Medicaid rebates and provide pricing data for the drug, Daraprim.
Former Shkreli Firm Responsible For 5,000% Drug Hike Sued
The drug company previously headed by Martin Shkreli was sued Monday for allegedly breaching a contract that let it sell Daraprim, the medication whose price the company marked up 5,000%, sparking nationwide criticism. New York City-based Turing Pharmaceuticals neglected to provide and certify accurate pricing data for the drug and failed to assume responsibility for Medicaid rebate liability linked to the medication's sales, the federal lawsuit filed in New York by Impax Laboratories charged. (McCoy, 5/2)
Shkreli's Old Company Is Sued For Breaching Sales Contract For Daraprim
Turing Pharmaceuticals is being sued for more than $20 million by the drug maker that sold it the rights to Daraprim, the medication that former Turing CEO Martin Shkreli made famous when he raised its price by 5,000 percent. (Silverman, 5/2)