Following his arrest on securities fraud charges, Martin Shkreli has resigned as chief executive of Turing Pharmaceuticals.
Turing, a privately-held biopharmaceutical company, announced Shkreli’s resignation today and the appointment of Ron Tilles to the position of interim chief executive officer.
Tilles will continue to serve as chairman of the Board of Directors. He said, “We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors. At the same time, I am very excited about the opportunity to guide Turing Pharmaceuticals forward. We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl. Research Development on new medications continues to be a priority for the company. With the dynamic leadership of Eliseo Salinas as head of Research and Development and Nancy Retzlaff as head of Commercial Operations, Turing Pharmaceuticals is poised for great success in the coming years.”
Shkreli’s arrest on Thursday was for activities in the past, when he ran a hedge fund and worked at Retrophin, not for anything at Turing, reports The New York Times. Turing became notorious for acquiring a 62-year-old drug and increasing the price fiftyfold, causing a public furor.
“I don’t see how he can run this company anymore,” said a Turing investor, who asked not to be named because of his company’s policy against speaking to the media. “There’s no way it doesn’t hurt the company.”
