Daraprim Price: Martin Shkreli Asks for Immunity Before Congressional Hearing
Ex-Turing Pharmaceuticals CEO Martin Shkreli has asked for immunity in order to testify before a congressional hearing.
Martin Shkreli was subpoenaed to testify about a 5,000% price increase for a drug.
His lawyer asked for immunity because of an ongoing Federal Trade Commission (FTC) investigation into the price rise, Reuters reported.
Martin Shkreli stepped down as Turing’s head following his arrest for investor fraud at a different company.
In a letter seen by Reuters, Martin Shkreli’s lawyer said the former CEO would “gladly cooperate” and produce documents at the hearing on January 26 if he is given immunity.
On January 21, Martin Shkreli said he would remain silent if forced to appear at the congressional hearing.
The FTC is allegedly investigating anti-trust violation by Turing Pharmaceuticals when it raised the price of Daraprim.
The drug is used to treat toxoplasmosis, an infection common in people with AIDS.
Daraprim was invented in the 1950s and acquired by Turing for $50 million in 2015. In August, Turing increased Daraprim’s price from $13.50 to $750 per dose.
In December, Martin Shkreli was arrested in New York on charges he defrauded investors as the head of drug company Retrophin and as a fund manager at the hedge fund MSMB Capital Management.
He has denied the charges and was released on bail pending the trial.
Members of the House of Representatives Oversight Committee have argued Martin Shkreli cannot invoke his right against self-incrimination because his arrest is separate from the congressional investigations.
They have responded angrily to Martin Shkreli’s attempts to avoid testifying.
On January 21, Congressman Elijah Cummings, a committee member, said: “If he plans on trying to use his own intentional inaction as some kind of bogus excuse for not showing up at Tuesday’s hearing, people will see right through such a juvenile tactic.”
Martin Shkreli has mocked the subpoena on social media by tweeting a picture of the letter sent by the Oversight Committee with the comment: “Found this letter. Looks important.”