Kevin McCoy

USA TODAY

Embattled pharmaceutical businessman Martin Shkreli has been subpoenaed to testify at an upcoming congressional hearing on prescription drug market developments.

Best known and much criticized for hiking drug prices, Shkreli, 32, was summoned for Tuesday's scheduled hearing by the House Committee on Government and Oversight.

"Found this letter. Looks important," he tweeted Wednesday above a photo of the subpoena.

Earlier in the day, Shkreli tweeted the House panel was "busy whining to healthcare reporters about me appearing for their chit chat next week. Haven't decided yet. Should I?" The posting included the Twitter hashtag for Rep. Elijah Cummings of Maryland, the committee's ranking Democrat.



Shkreli could have little choice, because Congress has the legal power to compel witness testimony.

"The Committee expects Mr. Shkreli to comply with the subpoena," said a spokeswoman for Rep. Jason Chaffetz, R-Utah, the panel chairman.

"He claims publicly that he wants to explain to Congress how drug pricing works. On Tuesday, he will get his chance," said Cummings.

It was not immediately clear whether Shkreli, who was indicted in December on federal securities fraud charges, would be accompanied by counsel. His legal defense team at law firm Arnold & Porter filed a motion seeking a postponement of a status conference hearing that was to have been held Wednesday because Shkreli is hiring new lawyers.

U.S. District Judge Kiyo Matsumoto adjourned the hearing until Feb. 3.

Shkreli, CEO slammed over drug prices, $5M bond

Other witnesses invited, but not subpoenaed, for the hearing include Dr. Janet Woodcock, director of the Food and Drug Administration's Center for Drug Evaluation and Research, and Mark Merritt, president and CEO of the Pharmaceutical Care Management Association.

Also scheduled to testify are Howard Schiller, interim CEO of Valeant Pharmaceuticals International (VRX), a Canada-based company that similarly has been criticized over drug price increases, and Nancy Retzlaff, chief commercial officer of Turing Pharmaceuticals.

Shkreli was Turing's CEO when he and the company drew heated criticism for raising the price of a drug called Daraprim by more than 5,000% — from $13.50 a pill to $750. The medication treats toxoplasmosis, a parasitic disease that afflicts people with weakened immune systems, such as AIDS sufferers and pregnant women.

Shkreli resigned his Turing post on Dec. 18, one day after he was indicted by a federal grand jury in Brooklyn, N.Y.

Shkreli resigns as Turing Pharma CEO

Prosecutors allege Shkreli perpetuated a Ponzi-like scheme on investors in former hedge funds he led, as well as at Retrophin (RTRX), a pharmaceutical company he founded and previously headed. Evan Greebel, Retrophin's former outside counsel, was accused of aiding the alleged scheme.

Both men have denied the allegations and have been released on bond pending trial.

Kevin McCoy on Twitter: @kmccoynyc.