Rock Band Won't Rock Because Hedge Fund Pill Guy Bankrolled Label

"I don't want to be attached to that person."

WASHINGTON -- Martin Shkreli has said he will lower the price of a drug used mainly by AIDS and cancer patients following outrage over his pharmaceutical company jacking the pill's price up 5,000 percent this week.

But a mere price reduction isn't good enough for Nothing, a Philadelphia-based rock band that has a two-album contract with a label that happens to be bankrolled by Shkreli. For Nothing, it's an odious association. It does not rock.

"If he gives everyone the drug for free for the next five years, then I'll put my record out with him," Nothing frontman Domenic Palermo told The Huffington Post on Wednesday. "And that's one record. If he wants the other one he's got to put it out for 10 years. That's my deal."

Other bands on the label have also registered their disgust, as has the label's owner. They're joined by the likes of Hillary Clinton and Bernie Sanders, who have also expressed outrage over the news that Shkreli's Turing Pharmaceuticals hiked the price of a 62-year-old drug called Daraprim from $13.50 to $750 per tablet overnight.

In a Tuesday Facebook post, Palermo said he only realized Collect Records had a relationship with Shkreli after outrage cascaded over the Internet this week in response to the price jump. Shkreli is a "silent partner" at the label, according to label owner Geoff Rickly.

Nothing had planned to announce its next record would be released in March, but that plan is now in doubt.

"I really don't see how that's going to be a possibility," Palermo said, adding that delaying the record release also complicates booking the shows that would support the record.

Shkreli, for his part, has said Turing will back off the price hike, though he hasn't said what the drug's new cost will be. "[T]here were mistakes made with respect to helping people understand why we took this action, I think that it makes sense to lower the price in response to the anger that was felt by people," Shkreli told CNBC.

Nothing's not impressed.

"I don't want to be attached to that person," Palermo said.

Go To Homepage

Before You Go

Popular in the Community