Investors Seek to Cut ‘Pharma Bro’ Out of His Company
Summary
Now, Mr. Mulleady is teaming up with activist investors to persuade his fellow shareholders to give them control of that drugmaker’s parent company, Phoenixus. There, he says, Mr. Shkreli still maintains control despite being in prison for securities fraud and not up for release until late 2023. That fight will come to a head on Monday, when Phoenixus shareholders will be asked to re-elect the company’s five directors or back the activists’ alternative slate of six candidates. Central to the activist investors’ pitch is to sever as many ties to Mr. Shkreli as possible. The company, whose headquarters are in Switzerland, still owns the rights to Daraprim, a toxoplasmosis treatment, whose price Mr. Shrkeli unapologetically raised to stratospheric levels, earning him the moniker “Pharma Bro.”