Turing Pharmaceuticals replaces CEO Martin Shkreli

Martin Shkreli fired from Turing

Martin Shkreli has been replaced as the CEO at Turing Pharmaceuticals. After being arrested for securities fraud this week, he has stepped down from his post as chief executive officer, the company said in a release on Friday. 

Shkreli was replaced by Turing Chairman Ron Tilles, who said in a statement that the company was committed to continuing to make its flagship drug, Daraprim. That is the drug that Shkreli increased in price by 5,000% after purchasing it several months ago.

Turing is the only manufacturer of Daraprim, a drug used to help AIDS patients and people with toxoplasmosis.

Shkreli has been under investigation for securities fraud related to hedge fund MSMB Capital Management and biopharmaceutical company Retrophin. He was charged in Brooklyn, New York, on Thursday in a federal indictment and quickly released on a $5 million bond.

Shkreli was fired from Retrophin in October 2014 after he allegedly used the company as his own piggy bank to cover losses from his hedge fund. Retrophin has filed a $65 million lawsuit against him.

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Shkreli is also CEO of drug maker KaloBios Pharmaceuticals. He saved the company from closure on November 20, announcing that he had taken a majority position in the company. Shkreli along with a consortium of investors purchased about 70 percent of the bio-companies outstanding shares.

Nasdaq has halted trading at KaloBios until an investigation into the company is completed.