KaloBios, the troubled drugmaker taken over by Martin Shkreli last
month, is seeking bankruptcy protection less than two weeks after his
arrest for securities fraud.It is the second pharmaceutical with ties to the former hedge fund manager now in turmoil following his indictment on charges unrelated to his involvement with them, though the drugmakers are not lacking for problems of their own.
The other, Turing Pharmaceuticals Inc., is cutting jobs and seeking a new CEO after Shkreli resigned the position because of his arrest.Turing, under Shkreli, acquired the rights to a treatment for a rare parasitic infection that mainly strikes pregnant women and raised the price from $13.50 to $750 per pill.
A report published in May by the pharmacy-benefits company Express Scripts found that 576,000 Americans spent at least $50,000 on prescription drugs in 2014, a sum roughly equivalent to the U.S. median household income.
An investigation by the Senate Special Committee on Aging is now focused on Turing and three other pharmaceutical companies.
So when it was revealed that Shkreli had acquired a controlling stake in publicly traded KaloBios, a failing drug developer doing research on cancer treatments, its shares soared 20 percent in a day.
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