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  #41  
Old 17.12.2015, 14:54
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Re: Turing Pharmaceuticals in Baar, Switzerland

If that is true, although it won't undo all the harm emanating from his actions, but it would be a christmas miracle
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  #42  
Old 17.12.2015, 18:01
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Re: Turing Pharmaceuticals in Baar, Switzerland

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US news media are reporting that Martin Shkerli was arrested today for securities fraud:

http://www.bloomberg.com/features/20...urities-fraud/

A quote from the CEO of another pharmaceutical company about Turing Pharmaceuticals:
“Turing is to a research-based company like a loan shark is to a legitimate bank.”
Couldn't have happened to a nicer guy....
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  #43  
Old 17.12.2015, 22:53
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Re: Turing Pharmaceuticals in Baar, Switzerland

Looks like he was also flirting with a high school girl and promising to get her into an Ivy League college
http://gawker.com/here-s-a-video-of-...ing-1748338016
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  #44  
Old 18.12.2015, 01:19
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Re: Turing Pharmaceuticals in Baar, Switzerland

funny. this guy seems to spend quite some time livestreaming.

http://www.nytimes.com/2015/12/17/bu...?smid=fb-share
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  #45  
Old 18.12.2015, 11:45
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Re: Turing Pharmaceuticals in Baar, Switzerland

If Martin Shkerli is convicted of fraud, there exists the possibility that he could lose his ownership interest in Turing Pharmaceuticals AG under the Swiss Criminal Code, Art. 261. Confiscation of his Turing assets could be used to pay for damages to those he defrauded:

"Chapter 7: Seizure
Art. 261 Principle

Items and assets belonging to an accused or to a third party may be seized if it is expected that the items or assets:
a. will be used as evidence;
b. will be used as security for procedural costs, monetary penalties, fines or damages;
c. will have to be returned to the persons suffering harm;
d. will have to be forfeited. "

https://www.admin.ch/opc/en/classifi...319/index.html

Will the Swiss government end up owning Turing Pharmaceuticals before this is over?
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  #46  
Old 18.12.2015, 22:08
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Re: Turing Pharmaceuticals in Baar, Switzerland

He resigned from Turing http://www.nytimes.com/2015/12/19/bu...pany.html?_r=0
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  #47  
Old 19.12.2015, 18:04
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Re: Turing Pharmaceuticals in Baar, Switzerland

just to put his troubles in perspecive, billions of people would rather have his problems than their own.
he'll be alright.
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  #48  
Old 19.12.2015, 21:33
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Re: Turing Pharmaceuticals in Baar, Switzerland

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just to put his troubles in perspecive, billions of people would rather have his problems than their own.
he'll be alright.
This is a good argument that the justice system isn't nearly punitive enough against the 'haves' of the universe.
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  #49  
Old 19.12.2015, 23:11
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Re: Turing Pharmaceuticals in Baar, Switzerland

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This is a good argument that the justice system isn't nearly punitive enough against the 'haves' of the universe.
hmm, yes and no,
i think its more of a case of he'll make moneycookieswhatevslemonade, some people just bounce back. if you peruse his twitter account its not quite what you expect given the news reports.

the fbi never put a single banker in prison did they, he's potentially caused a problem for himself that if he stole from the rich the fbi will be all over him, steal from the poor, not so much. right? its the wealth of the victim of the crime that seems to define fbi action.
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  #50  
Old 20.12.2015, 15:18
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Re: Turing Pharmaceuticals in Baar, Switzerland

I've been in Pharma for almost 15 years and have seen a lot of CEOs in that time. This rap battle bro is one of the better ones.
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  #51  
Old 23.12.2015, 11:06
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Re: Turing Pharmaceuticals in Baar, Switzerland

Turing Pharmaceuticals AG is cutting jobs, according to Bloomberg. Fortunately, it is unlikely that the headcount will be chopped in Switzerland since it operates from a post box here:

"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."

http://www.bloomberg.com/news/articl...-permanent-ceo
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  #52  
Old 23.12.2015, 20:25
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Re: Turing Pharmaceuticals in Baar, Switzerland

The new acting CEO of Turing Pharmaceuticals AG, Ron Tilles, who replaced Martin Shkleri, has had various ethical issues in his business career and was accused of fraud:

"The Internal Revenue Service filed a tax lien against Tilles three years ago, seeking $79,160 in unpaid taxes, interest and penalties for the 2008 tax year, according to a filing with the clerk of the Pinellas County, Florida circuit court. A Tilles representative said the issue has been resolved.
In 2006, Tilles was accused of fraud by an investor who claimed that Tilles took $14 million he had been managing and funneled it into offshore entities for his own benefit. The investor, Peter Sahagen, sued Tilles and his wife, alleging the couple “intentionally took steps to mislead and deceive” him, tapping offshore accounts to launder assets and fund a lavish lifestyle, including a taste for fine wine. Ultimately, they “absconded with all such funds to an unknown location,” Sahagen alleged.

Retrophin Suit
In response, Tilles alleged in court filings that Sahagen threatened to kill him and his wife and “chop them up.” The parties settled the litigation for undisclosed terms late in 2006, according to a filing in Manhattan federal court.
A representative for Tilles declined to comment on the suit, noting it had been settled. Sahagen’s lawyer in the case, James J. Mahon, also declined to comment.
Tilles’ name surfaced more recently in a lawsuit filed in August by Retrophin against Shkreli, accusing Shkreli of using Retrophin shares to pay off outside debts. Retrophin describes Tilles as one of seven “close personal associates” that Shkreli used in order to transfer shares of stock. The suit doesn’t allege any wrongdoing by Tilles.

Three Occasions
Tilles was criticized by a judge in a separate suit against Shkreli, filed in September 2014, for “plainly dodging” a subpoena to give a deposition. According to an order from magistrate judge Michael Dolinger, Tilles avoided being served a subpoena on three occasions at Turing’s offices. Eventually, the server mailed copies to Tilles’ two last-known addresses, in Manhattan and Florida.
Through a spokeswoman, Tilles blamed defects in the subpoena and his travel schedule among other reasons for his not getting served. But Shkreli agreed to settle the suit before the deposition could take place."


http://www.bloomberg.com/news/articl...issues-in-past
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  #53  
Old 24.12.2015, 11:13
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Re: Turing Pharmaceuticals in Baar, Switzerland

Shkreli in Hebrew means "lie to me".

Nomen est omen.
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  #54  
Old 05.01.2016, 14:23
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Re: Turing Pharmaceuticals in Baar, Switzerland

Hi
Totally agree Shkerli is a scumbag who should be behind bars. However there is another side to the Daraprim story which the dramatic sensationalist headlines chose to ignore.

The previous owners of the drug were not selling it at a price at which they could make money. They knew jacking up the price to make it profitable would be met with the response we have seen with Turing...so they sold it on. The price of the drug was so low that no generic would ever be viable and at that price who needs a generic.

Turing undoubtedly handled this badly and the blame lies squarely at Shkerli's incompetent and arrogant handling of the price increase. However, this is a very rare disease so revenues will be small and the drug needs to be profitable. Turing is not a charity and have salaries to pay and R&D to invest in so need to turn a profit and this is their main cash cow. This isnt a case of profits going to line executives pockets, unlike the banking sector.

Daraprim is an effective cure for a rare disease that may well kill you and even at $750 a 12 week course costs around $30K. Consider this cost when you think of the overall cost of managing a patient with HIV. If you look at most therapies in the orphan field, take for example Novartis' sandostatin or Signifor, these are not cures but represent drugs you are on for life to control the symptoms in diseases like acromegaly and Cushing's disease. In the US Sandostatin costs $70K per patient per year and Signifor $170K per patient per year...for life!! (Novartis will also sell you a diabetes drug as Signifor will give you diabetes in exchange for controlling your Cushing's symptoms). I notice big pharma are all keeping their heads down on this topic. Most rare disease therapies are extremely expensive, they have to be to make them profitable....it would take significant government intervention to make them cheaper.
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  #55  
Old 05.01.2016, 15:24
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Re: Turing Pharmaceuticals in Baar, Switzerland

Just a note on Turing AG....

Until recently they were just a postbox in Switzerland...however in the past six months they hired Head HR, Head BD and Head of Finance with plans to rapidly expand ....with ongoing interviews for other posts such as Clin Ops...... I see all recruitment has been halted including that for Switzerland.

I can't imagine what institutes or other pharma companies would want to risk being tarnished by interacting with them...looks like their aggressive acquisition model is dead-in-the-water
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  #56  
Old 05.01.2016, 15:27
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Re: Turing Pharmaceuticals in Baar, Switzerland

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Just a note on Turing AG....

Until recently they were just a postbox in Switzerland...however in the past six months they hired Head HR, Head BD and Head of Finance with plans to rapidly expand ....with ongoing interviews for other posts such as Clin Ops...... I see all recruitment has been halted including that for Switzerland.

I can't imagine what institutes or other pharma companies would want to risk being tarnished by interacting with them...looks like their aggressive acquisition model is dead-in-the-water
And who but the most desperate would work for them? "Head of Sales for a toxic chemical weapons manufacturer, or VP Business Development for Turing... hmmmm ..."
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  #57  
Old 05.01.2016, 15:44
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Re: Turing Pharmaceuticals in Baar, Switzerland

....lets just agree I dodged a bullet when they turned me down for the Head VP BD
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  #58  
Old 05.01.2016, 16:04
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Re: Turing Pharmaceuticals in Baar, Switzerland

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Turing is not a charity and have salaries to pay and R&D to invest in so need to turn a profit and this is their main cash cow. This isnt a case of profits going to line executives pockets, unlike the banking sector.
Sorry, but let's just recap what you said:
- Turing bought a drug that made no profit
- This drug is their "main cash cow"(???)
- They need to squeeze more money out of it "to pay salaries" while being a letterbox company
- They hire a couple of executives (so more salaries to pay...)
- You claim they are not lining executives pockets...

Not sure if you see it, but your one post contradicts itself more than once. Bottom line is that buying a drug that others have failed to make a financial success and then try to hold patients to ransom is probably not the smartest or most sustainable business model.
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Old 05.01.2016, 16:58
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Re: Turing Pharmaceuticals in Baar, Switzerland

No, Turing in the US bought a loss-making drug and jacked up the price so it would be profitable. The market/patient population is fixed as there is no therapeutic alternative...therefore it becomes profitable overnight. They raised the price so high it would fund their entire operation and expansion (including opening the new Swiss office) hence "cash cow". The US operation has become quite large since its founding in February....they need to support that operation and revenues from Daraprim fund this....I didnt say it was right, just the other side of the coin.

The Swiss operation is a more recent development....only about 5 people but reflects their intent to push into Europe (or at least it did)

Their strategy is to aggressively acquire products and companies in the rare disease field...then sell them off to big pharma once they have developed the drug further or commercialized it...now nobody will touch them so it will be game over for Turing and Shkreli
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Old 05.01.2016, 17:05
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Re: Turing Pharmaceuticals in Baar, Switzerland

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No, Turing in the US bought a loss-making drug and jacked up the price so it would be profitable. The market/patient population is fixed as there is no therapeutic alternative...therefore it becomes profitable overnight. They raised the price so high it would fund their entire operation and expansion (including opening the new Swiss office) hence "cash cow". The US operation has become quite large since its founding in February....they need to support that operation and revenues from Daraprim fund this....I didnt say it was right, just the other side of the coin.

The Swiss operation is a more recent development....only about 5 people but reflects their intent to push into Europe (or at least it did)

Their strategy is to aggressively acquire products and companies in the rare disease field...then sell them off to big pharma once they have developed the drug further or commercialized it...now nobody will touch them so it will be game over for Turing and Shkreli
In which case, even looking at it from that side of the coin, it was an appallingly poor implementation of a business strategy to move the drug from its previous level to a level where there consumer could not afford it in one go without considering the obvious ensuing reputational damage if the end game was to strengthen the brand for a sale. I would go a bit further to say that it would be such poor planning from anyone with even the most basic business acumen, as to be not workable. I think the former theory, that shkreli just thought he could do what he wanted because he's a 32 year old hedge fund lead and probably considers himself financially invincible is the primary reason the price rise was driven through.
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