Hedge Fund Manager Turned Pharma CEO Martin Shkreli May Be A D*ck For Reasons Previously Unknown: NY Attorney General - Dealbreaker

Hedge Fund Manager Turned Pharma CEO Martin Shkreli May Be A D*ck For Reasons Previously Unknown: NY Attorney General

Not *just* for jacking up the price 55-fold on a life-saving drug.
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Since winning the job back in 2011, New York Attorney General Eric Schneiderman has proven remarkably adept at keeping his name in the headlines. He’s coined the catchy if not-quite-catching term Insider Trading 2.0®. He’s tackled mortgage-bond shenanigans, dark pools, high-frequency trading and just about any other media-attention-grabbing Wall Street issue of recent years, in addition to some less-attention-grabbing issues, like well-endowed blood-diamond traffickers.

So perhaps it should be no surprise that when Eric Schneiderman learned that a person operating within his jurisdiction had bought a drug used by constituents with AIDS and sick pregnant ladies and jacked the price up 55-fold, he wanted in—especially after seeing the tsunami of hate inundating emo-loving Martin Shkreli. But, as IT2.0 shows, Eric Schneiderman is not content to merely bandwagon. Eric Schneiderman goes for the unique, original angle. And once again, he's found it.

The attorney general’s office is looking not so much at the price increase itself but at whether Turing may have violated antitrust rules by restricting distribution of the drug, Daraprim, as a way to thwart generic competition, according to a letter sent by the attorney general’s office to Turing on Monday….The drug has been removed from distribution by the usual wholesalers and by retail drugstores. Patients can get the drug from Walgreens’ specialty pharmacy, and hospitals have been given a special phone number to order it.

Such restricted distribution can make it more difficult for generics manufacturers to get the samples of a brand-name product they need to do the required testing to show that their generic copy is equivalent to the original…While the move to restricted distribution for Daraprim occurred in June, before Turing acquired the drug, it might have been a prerequisite for the sale.

New York Attorney General Examining Whether Turing Restricted Drug Access [NYT]

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