Mr. Shkreli was not the first to do this. In 2008, Congress held hearings about this practice, focusing for instance on Ovation Pharmaceuticals, which acquired a drug to treat a breathing problem in newborns and raised the price to $1,500 per unit from about $100. There was also Questcor Pharmaceuticals, which spent $100,000 to acquire a decades-old drug for infantile spasms and raise its price from about $40 a vial to over $23,000, with the biggest jump occurring overnight in 2007. Valeant has done this type of thing for several drugs.