MSMB’s Shkreli Ousted From Pharma He Founded

Oct 1 2014 | 8:24am ET

Hedge-fund manager Martin Shkreli will have to go back to his day job.

The MSMB Capital Management chief was fired as CEO of pharmaceutical company Retrophin Inc. yesterday in the wake of its May deal to buy a potentially lucrative kidney medication. Shkreli, who founded Retrophin in 2011, follows CFO Marc Panoff and director Jeffrey Paley out the door.

Retrophin shares have nose-dived since the purchase of Thiola, whose price Shkreli said would be increased between 20- and 35-fold.

Shkreli said that in spite of his ouster he was sticking with his and MSMB’s 11% stake in the company.

“The stock is very, very cheap,” he wrote on Twitter. The forum was fitting: Shkreli has frequently gotten himself into trouble on the social-media site, and earlier this year Retrophin employees were caught impersonating rappers on Twitter to promote the company.

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