A federal appeals court in New York has upheld an order that bars "pharma bro" Martin Shkreli from working in the pharmaceutical industry, according to court documents.
Mr. Shkreli appealed the ban last year, arguing that it violates his constitutional rights and "far exceeds" the powers of federal courts. On Jan. 23, a three-judge panel of the 2nd U.S. Circuit Court of Appeals ruled that the ban was reasonable given Mr. Shkreli's antitrust violations.
"Given Shkreli's pattern of past misconduct, the obvious likelihood of its recurrence, and the life-threatening nature of its results, we are persuaded that the district court's determination as to the proper scope of the injunction was well within its discretion," the panel wrote.
Mr. Shkreli, the former CEO of Turing Pharmaceuticals, became infamous for hiking the price of a 62-year-old drug called Daraprim from about $17.50 per pill to $750 overnight.
Mr. Shkreli was convicted of defrauding investors and sentenced in 2018 to seven years in prison. He served about five years in prison. A federal judge also banned Mr. Shkreli from the pharmaceutical industry and ordered him to pay $64.6 million.
View the court's full opinion here.