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Former pharmaceutical executive Martin Shkreli and lead defense attorney Benjamin Brafman speak to the press in 2017. Photo: Drew Angerer/Getty Images

The Federal Trade Commission announced on Tuesday a settlement agreement with Vyera Pharmaceuticals that will require the company to pay victims of its drug-pricing inflation scheme.

The big picture: The FTC and seven states accused Vyera along with former CEO and "Pharma Bro" Martin Shkreli of violating antitrust law when he raised the price of Daraprim by 4,000%.

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.

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

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.

Go deeper

Jan 11, 2022 - Technology

Meta loses bid to dismiss FTC antitrust case

Illustration: Annelise Capossela/Axios

The Federal Trade Commission's antitrust suit against Meta, formerly Facebook, can move forward, a federal court ruled Tuesday.

The big picture: The same judge who dismissed an earlier version of the agency's lawsuit, filed under the Trump administration, says this time the government's case — as rewritten by the agency now led by chair Lina Khan — is good enough to try.

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.