Shkreli’s KaloBios Files for Bankruptcy

BROKE

Updated Apr. 13, 2017 6:11PM EDT / Published Dec. 30, 2015 6:57AM EST

KaloBios Pharmaceuticals, the California-based drug maker that fired bad-boy CEO Martin Shkreli this month after he was arrested on securities-fraud charges, filed for Chapter 11 bankruptcy protection Tuesday. Shkreli bought 70 percent of KaloBios’s shares in November, two months after he sparked widespread criticism for acquiring the license to the AIDS-related drug Daraprim then raising its price by 5,556 percent, to $750 per tablet through his other company, Turing Pharmaceuticals.

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Shkreli’s KaloBios Files for Bankruptcy

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