Martin Shkreli's pharma company is getting delisted from the stock exchange

He was arrested under fraud charges last week

A biotech company's stock is going to be delisted by Nasdaq after its boss was charged with securities fraud last week.

KaloBios Pharmaceuticals was out of money and planning to shut down before Martin Shkreli gained control.

He became notorious after hiking the price of a life-saving drug by 5,000%.

Facing a social media backlash he said that the company had increased the price to invest in R&D.

A tweet from US presidential candidate, Hillary Clinton complaining about a price hike knocked $15bn off the value of share prices generally in the US pharmaceutical sector in September.

Referring to a company which increased the price of a medicine for a form of parasitic infection from $13.50 to $750 overnight, Clinton said, “Price gouging like this is the speciality drug market is outrageous.”

Martin Shkreli was arrested by the FBI, the 32-year-old was held on suspicion of securities fraud relating to his former hedge fund and a drug company he previously led.

He was in the news again earlier this month when it emerged that he had purchased a single copy of a one-off Wu-Tang Clan album for $2m.

The group created just one copy of its album Once Upon A Time In Shaolin, and said it would be sold to the highest bidder.

The 31-track album comes in a hand-carved box, accompanied by a leather-bound book with 174 pages of parchment paper filled with lyrics and background on the songs.