Drugmaker Founded by Shkreli to Cut Jobs, Seek Permanent CEO

Turing Pharmaceuticals AG, the drugmaker founded by Martin Shkreli, is cutting an unspecified number of jobs as part of a plan to narrow its priorities.

The company will also seek a permanent chief executive officer to take over for interim CEO Ron Tilles, closely held Turing said in a statement Tuesday.

Shkreli stepped down as Turing’s CEO last week after he was arrested in New York on charges related to one of his previous companies, Retrophin Inc. Shkreli denied wrongdoing. He’s accused of repeatedly losing money for investors and lying to them about it, as well as illegally taking assets from one of his companies to pay off debtors in another.

Shkreli is best known for raising the price of a decades-old drug acquired by Turing to $750 a pill from $13.50. Though notorious for the price hike, his arrest was for an unrelated accusation.

"The company has realigned its business priorities and has taken actions to streamline its operations including a reduction in workforce in order to put the company on a stronger path to growth," Turing said Tuesday.

Turing said it will also expand its board, which still includes Shkreli, along with Tilles and Walter Blum.

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