A file photo of former pharmaceutical executive Martin Shkreli.
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A federal judge on Friday ordered notorious “Pharma Bro” Martin Shkreli banned for life from the pharmaceutical industry and also ordered him to pay $64.6 million in profits he earned from hiking the price of the drug Daraprim.
The ruling in 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.
The monetary penalty from Shkreli will be added to the $40 million the plaintiffs obtained under a settlement last month with Vyera Pharmaceuticals, the company he founded.
Shkreli is serving a seven-year federal prison term 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, HIV patients and others.
The ruling by Judge Denise Cote found that Shkreli, while serving as CEO of Vyera Pharmaceuticals, had violated federal and state laws with anticompetitive conduct to protect profits from Darapram.
Vyera had been known as Turing Pharmaceuticals when Shkreli ordered the massive price hike for the drug in 2015, earning him widespread condemnation at the time from a wide range of people, including former President Donald Trump and then-Democratic presidential contender Hillary Clinton.
Under last month’s settlement with Vyera, Shkreli’s former business partner Kevin Mulleady agreed to be banned from the pharmaceuticals industry for seven years.
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