'World's most hated CEO' Martin Shkreli ousted from company

Martin Shkreli being taken into custody by FBI agents. Photo / AP

Martin Shkreli, who became America's favorite Wall Street scoundrel after he recently raised the price of a drug 4000 percent, has been terminated from another drug company.

On Monday, the publicly traded KaloBios Pharmaceuticals announced that Shkreli was out as chief executive and had resigned from the company's board. It was a short tenure: Shkreli took the helm of KaloBios last month, after buying a majority share in the company.

The move follows his arrest last week on securities fraud charges unrelated to the drug pricing issues that drew national scorn. Shkreli, 32, has now either stepped down or been terminated from both pharmaceutical companies he led.

KaloBios' plan to get approval for a drug already used elsewhere in the world to treat a tropical ailment had attracted attention to the possible abuse of an FDA program.

Monday's announcement quickly followed the news Friday that Shkreli had resigned from Turing Pharmaceuticals, the company that was catapulted into the national spotlight when he jacked up the price of a 62-year-old drug used to treat rare but severe infections in HIV and cancer patients.

In a statement, KaloBios, said that Tony Chase also stepped down from the company's board. Chase joined the board in November when Shkreli took charge of the company.

Martin Shkreli:
• Former hedge fund manager accused of stealing US$11 million.

• FBI describes case as a "securities fraud trifecta of lies, deceit and greed".

• Released after posting a US$5 million bond.

• Gained notoriety when his company Turing Pharmaceuticals raised the price of Daraprim from US$13.50 a tablet to US$750.

• The move, and his arrogant response to the controversy, was angrily denounced by US politicians.