Martin Shkreli fired as chief executive of KaloBios
Martin Shkreli, the self-styles pharma bro who was last week arrested on charges of securities fraud by the FBI, has been fired as chief executive of KaloBios.
Shkreli rose to fame after hiking the price of a life-saving drug treatment by more than 5,000 per cent, earning him the title of the most hated man in America.
He was arrested as part of an investigation into his time at the previous company he founded, Retrophin, and MSMB Capital.
Shares in biotech firm Kalobios tumbled more than 50 per cent following the news and trading of its stock has been suspended since then.
The company revealed today that he was terminated as chief executive and resigned from the company's board on the day of his arrest. Shkreli became the boss of KaloBios in November after buying a 70 per cent stake in the company.