Kalobios distances itself from ‘pharma bro’ ex-CEO Martin Shkreli

KaloBios Pharmaceuticals took further steps Thursday to cut ties with ousted CEO Martin Shkreli, who’s now facing fraud charges, by announcing plans to buy back his shares and and “significantly” reduce his shareholder power.

The small Brisbane biotechnology company, which emerged from bankruptcy last week, signed an agreement with Shkreli, a onetime hedge-fund manager who earned international notoriety last fall after he raised price of an anti-parasitic drug by more than 5,000 percent.

“This agreement is another step in the company’s pursuit of revitalizing its reputation,” said Dr. Cameron Durrant, who took over as KaloBios chairman in January and became its CEO in March.

[...] he is known for his colorful public persona.

Since last fall, he bought the lone copy of an album by Wu-Tang Clan album, a hip-hop group, for $2 million, tried unsuccessfully to be the sole owner of a Kanye West album and has inspired the development of a musical in New York.

In that period last November, Shkreli raised concerns by telling investors he planned to raise the price of a drug that company bought the rights to develop that would treat the insect-borne Chagas disease.