Billionaire pharmaceuticals entrepreneur, John Kapoor was arrested on bribery charges and now people want to know what really happened. From John Kapoor’s net worth to John Kapoor’s family, many now want to know everything about him. To learn more about the scandal, here’s our John Kapoor wiki.
Who is John Kapoor?
John Kapoor, Insys Therapeutics founder, is 74 years old and was born in India. He graduated from University at Buffalo, where he earned a PhD. He now lives in Phoenix, Arizona. John Kapoor’s wife was Editha, who died after a battle with breast cancer; they had four children together. His alma mater also has its pharmacy school, named after him and his wife for their philanthropy.
He was Arrested
His net worth was listed by Forbes as $2.4 billion and he was arrested on Thursday for allegedly bribing doctors to prescribe opioid painkillers. According to Fortune, the bribes were used to inflate the sales of a pain medication called Subsys, a fentanyl spray used to help cancer patients dealing with severe pain.
“These Insys executives allegedly fueled the opioid epidemic by paying doctors to needlessly prescribe an extremely dangerous and addictive form of fentanyl,” said Phillip Coyne, special agent in charge for the Office of Inspector General of the U.S. Department of Health and Human Services.
John Kapoor’s Bail
A federal judge has set Kapoor’s bail at $1.0 million and ordered him to wear an ankle monitor, which means John Kapoor’s house will be under surveillance if he tries to leave. His passport has also been taken, in case he tries to leave the country.
“He is not guilty of these charges, he intends to fight it vigorously,” defense attorney Brian T. Kelly said outside court.
His company is also under new management as of January, but he still remained on the board. Last year, six other Insys employees were indicted on federal charges in Boston. The company also released a statement and said that it has replaced nearly all of its old staff.
“We have taken necessary and appropriate steps to prevent past mistakes from happening in the future, and are committed to conducting business according to high ethical standards and the interests of patients,” the company said in a statement Wednesday. “We also continue to work with relevant authorities to resolve issues related to the misdeeds of former employees.”
So far, Insys’ stock has decreased by nearly 23% after Kapoor’s arrest was made public. As a result, the company’s worth has dropped to $417.0 million and was previously valued at $19.0 billion in 2015. The company has been under investigation since 2013 and is actively involved in politics. Donations of $500,000 were made last year to a campaign in Arizona to stop a ballot legalizing marijuana. The investigation is ongoing and Kapoor has not made a statement at this time.