A former hedge fund manager who increased the cost of a life-saving AIDS drug by 5500% has backed down after an international outcry.

His company confirmed yesterday: “We’ve agreed to lower the price of Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit, and we think these changes will be welcome.”

The chief executive of Turing Pharmaceuticals, Martin Shkreli, bought the rights to the durg, Daraprim, for $55 million, according the New York Times.

The drug, which costs less that $1 to produce, previously cost $13.50 per tablet to buy, but under Shkreli’s ownership, this increased to $750. Daraprim is used to treat toxoplasmosis – an infection that often leads to death in people with AIDS.

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