"Pharma Bro" company Vyera Pharmaceuticals settles with FTC

Background: Vyera acquired the life-saving drug in 2015 "and immediately raised the list price from $17.50 to $750 per tablet," according to the FTC's statement.

• He then "created a web of anticompetitive restrictions" that were meant to delay and slow down the production of generic versions of the drug.

Details: The order requires Vyera as well as its parent company Phoenixus AG to pay up to $40 million in relief for the victims.

• Kevin Mulleady, Shkreli's associate, is also banned from any role in the pharmaceutical industry for seven years, according to New York Attorney General Letitia James.

Between the lines: Shkreli did not reach a settlement in the lawsuit and is set to begin trial Dec. 14.

• Shkreli was sentenced to seven years in prison on federal charges of wire and securities fraud in 2018.

What they're saying: Vyera, Mulleady and Shkreli "shamelessly engaged in illegal conduct that allowed them to maintain their exorbitant and monopolistic price of a life-saving drug — letting pharma bros get rich, while others paid the price," James said.

• "This strong relief sets a new standard and puts corporate leaders on notice that they will face severe consequences for ripping off the public by wantonly monopolizing markets," FTC chair Lina M. Khan added.