Shkreli resigns as CEO of Turing after arrest

Associated Press

TRENTON, N.J.

The pharmaceutical executive reviled for price-gouging resigned Friday as head of the drugmaker Turing Pharmaceuticals, a day after being arrested on charges of securities fraud related to a company he previously ran.

Martin Shkreli, whose arrest delighted countless people appalled by his unapologetic stance after hiking the price of a life-saving drug by 5,000 percent, is being replaced on an interim basis by Ron Tilles, according to a statement issued Friday by Turing, which is privately held.

Tilles has been chairman of Turing’s board of directors since the company was founded late last year. Turing said that Tilles will continue to hold the board chairman position as well. He has worked at numerous private-equity and venture-capital firms in the pharmaceutical and medical-device industries over the past two decades.

Turing also issued a statement that business would continue as usual and that no patient would be denied access to Daraprim, the drug whose price hike made Shkreli a pariah to both patients and other pharmaceutical companies.

Turing also said it was sending a similarly worded letter to doctors stressing that it will continue to offer financial assistance to eligible patients needing Daraprim who are either uninsured or have commercial insurance. Medicare patients are being referred to a charity for help.