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Martin Shkreli-founded drug company files for bankruptcy

  • 📰 Reuters
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Vyera Pharmaceuticals, which previously settled price-fixing charges that resulted in founder Martin Shkreli being banned from the pharmaceutical industry, filed for bankruptcy late Tuesday to sell its assets.

Vyera said its bankruptcy was the result of declining profits, increased competition for generic drugs, and litigation alleging that Vyera suppressed competition for its most valuable drug, Daraprim.

Vyera filed a Chapter 11 plan in court on Wednesday, laying out it its intent to repay creditors through asset sales.

 

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