Drug Company Of ‘Pharma Bro’ Martin Shkreli Files For Bankruptcy
Vyera Pharmaceuticals, founded by Martin Shkreli, filed for bankruptcy Tuesday as a result of declining profits. In other pharmaceutical news, the White House has been quietly working on tackling drug shortages and quality matters since the start of 2023.
Martin Shkreli-Founded Drug Company Files For Bankruptcy
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. (Knauth, 5/10)
In other pharmaceutical news —
Drug Shortages, Quality Woes Get Secret White House Attention
As US drug shortages hit a five-year high and concerns mount about the safety of medicines, the Biden administration has quietly assembled a team to address chronic problems hurting America’s drug supply. Since the beginning of the year, a group of White House officials has been meeting frequently to increase the availability and quality of medications, according to several people familiar with the matter. The effort has intensified as Americans struggle to find common drugs like antibiotics and amid high-profile safety lapses like deadly eye drops. (Griffin, Edney and Swetlitz, 5/10)
Telework Helps FDA Compete For Scientists. What If It’s Taken Away?
The Food and Drug Administration needs to hire scores of in-demand scientists, and that difficult task could become even harder if the agency gives in to pressure from either Republicans or the Biden administration to return federal workers to the office. (Wilkerson, 5/11)
Documents Show FDA Concerns About Sarepta’s Gene Therapy
Reviewers at the Food and Drug Administration concluded that Sarepta Therapeutics did not show that its gene therapy for Duchenne muscular dystrophy will likely benefit patients and left key safety concerns, according to briefing documents released Wednesday. (Mast and Feuerstein, 5/10)
Drug Trials Company Syneos To Be Acquired For $7.1 Billion
Syneos Health, a North Carolina-based biopharma contract research organization, agreed to be taken private for $7.1 billion by an investor group that includes Elliott Investment Management, Patient Square Capital and Veritas Capital. Private equity firms are once again teaming up for big buyouts, a practice that was largely abandoned after the Great Financial Crisis. (Primack, 5/10)