Martin Shkreli pharma company files for Chapter 11 bankruptcy

• Vyera Pharmaceuticals, which was started by convicted felon Martin Shkreli under the name Turing Pharmaceuticals, has filed for Chapter 11 bankruptcy protection.
• A separate filing in a Delaware bankruptcy court indicates that the company's Swiss parent, Phoenixus, has done the same.
• Vyera's filing says it has an estimated 100-199 creditors. Estimated assets are $10M-$50M while estimated liabilities are $1M-$10M.
• Turing was founded by Shkreli in 2015 after he departed Retrophin, which he founded in 2011. Shkreli became a household name after Turing acquired the drug Daraprim (pyrimethamine), which was approved by the FDA in 1950s from another company.
• Shkreli then raised the price of Daraprim from $13.50 per pill to $750 per pill. He was able to do so because even though patents on Daraprim has expired, no generic was available.
• In 2017, Shkreli was convicted of securities fraud and conspiracy, and given a seven-year sentence.

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