Within the course of a week, US-based KaloBios Pharmaceuticals has emerged from Chapter 11 bankruptcy protection, renegotiated a deal to acquire rights to a new developmental drug and reached agreement with its controversial former CEO to limit his shareholder rights.

The biotech firm, which specializes in developing medicines for patients with neglected and rare diseases, was cast into the spotlight last year when ex-CEO Martin Shkreli, at the time chief of Turing Pharmaceuticals, overnight raised the price of a 62-year-old drug from $13.50 to $700 and later was indicted for securities fraud and conspiracy involving a hedge fund and another drugmaker he ran.

On the back of the disruption touched off by Shkreli – which among other things included a class action suit charging KaloBios under his leadership misled investors – the company filed a voluntary petition for Chapter 11 bankruptcy protection in the US state of Delaware at the end of last year.

Subsequent to its emergence from Chapter 11, which it stemmed with input of $11 million from a consortium of hedge funds, KaloBios announced it had renegotiated the acquisition of rights from Savant Neglected Diseases to develop benznidazole for the treatment of Chagas, a parasitic disease.

The rights deal was originally negotiated by Shkreli, who reportedly had planned to price the drug on a par with hepatitis treatments costing up to $94,000 per course. According to the Drugs for Neglected Disease Initiative, benznidazole normally costs around $60-100 per treatment in Latin America, where most cases of Chagas disease are found.

KaloBios said it now plans to file for Orphan Drug Designation and Fast Track Designation for benznidazole in Chagas Disease. Under the terms of the agreement between Shkreli and Kalobios, valid for 180 days following the company’s effective emergence from bankruptcy on Jun. 30, the former CEO is barred from selling his shares to any third party for less than $2.50 per share or at a 10% discount to the prior two-week volume-weighted average price – whichever is greater.

Additionally, KaloBios will have the right to buy any or all of Shkreli’s shares at the market discount price for 180 days after Aug. 30. The former drug company head may not nominate any directors to the KalaBios board.

Under the reorganization plan mandated by the bankruptcy court, Shkreli’s shareholding in KaloBios must shrink to about 14% from 47% currently.