Turing to Cut Price of Daraprim

The owner of Turing Pharmaceuticals says he will reverse course after raising a public outcry this week by upping the price by 5,000 percent.

Despite aggressively defending the decision and fending off critics since the news broke, CEO and founder Martin Shkreli told reporters last week his company would drop Daraprim’s price tag. Turing spokesman Allan Ripp said the company has not decided on the amount of the cut.

Turing acquired the rights in August to Daraprim, a drug that has been around for more than six decades, and raised its price from $13.50 to $750 a tablet a month later.

The toxoplasmosis medication is crucial for the very young and immunocompromised, and has no competitor in the U.S. drug industry.

Democratic presidential candidates Hillary Clinton and Sen. Bernie Sanders scorned the company’s actions on Tuesday and released plans aimed at slashing prescription drug prices. — Victoria Pelham