Turing Pharmaceuticals CEO Martin Shkreli has been arrested by the Federal Bureau of Investigations for securities fraud involving illegal stock transactions when he was CEO of Retrophin Pharmaceuticals. Retrophin fired Shkreli in September 2014 and later divested its intranasal oxytocin and ketamine products to his new company, Turing. Retrophin has since sued Shkreli for $65 million.
In November 2015, as the company was under investigation for its pricing strategies, Turing said that it would initiate a Phase 1 trial of intranasal ketamine during the first quarter of 2016.
Read a Bloomberg report on Shkreli’s arrest.
