Martin Shkreli has stepped down as CEO of Turing Pharmaceuticals, in the wake of his indictment and arrest for securities fraud.
Ron Tilles, who was already serving as Turing’s chairman of the board, will take over as interim CEO. In a statement, Tilles was diplomatic about Shkreli’s contributions to the company:
“We wish to thank Martin for helping us to build TUring Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors,” Tilles said.
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He added that the company is “committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl” – and that research and development remains a top priority for the company. This focus on R&D is the crux for why Shkreli rationalized hiking up the price of toxoplasmosis drug Daraprim more than 5,000 percent.
Tilles has a long history of work in private equity and venture capital in the life sciences industry, the company said. Turing Pharmaceuticals did not respond to requests for comment.
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