Retrophin has announced that Turing Pharmaceuticals will pay $3 million up front for three of Retrophin’s products, including Syntocinon oxytocin nasal spray and ketamine. According to the company, the agreement includes the resignation of Retrophin founder Martin Shkreli. Shkreli’s Twitter profile identifies him as the CEO of Turing Pharmaceuticals.
The company acquired Syntocin, a synthetic oxytocin nasal spray, when it acquired Kyalin Biosciences in December 2012. The product is in Phase 3 development as a lactation aid and in Phase 2 development for the treatment of schizophrenia and autism.
Retrophin Chairman of the Board of Directors Steve Richardson said, “With a streamlined effort, the company can now take important next steps towards organic growth while continuing to pursue exciting development opportunities. We thank Martin for his many contributions to Retrophin and wish him the best of luck in his next endeavor.”
Read the Retrophin press release.
