Turing raises $90M, buys U.S. rights to Daraprim

Turing Pharmaceuticals AG (New York, N.Y.) raised $90 million in a series A round led by Martin Shkreli, the company's founder and CEO. Undisclosed institutional investors also participated. Turing also said it issued an undisclosed amount of senior secured debt.

The start-up also obtained U.S. rights to Daraprim pyrimethamine from Impax Laboratories Inc. (NASDAQ:IPXL) for $55 million. The anti-parasitic drug is approved in combination with a sulfonamide to treat toxoplasmosis. Turing Chief Communication Officer Craig Rothenberg said Daraprim no longer has patent protection, but said there are no marketed generic versions of the drug. ...