If Martin Shkreli, the young hedge fund manager-turned-pharmaceutical executive who made news last month by jacking up the price of a life-saving medication by 5,000 percent, was surprised by the scorn his decision provoked, it was because his behavior was rather common.

That's according to an analysis released by Hedge Clippers, an activist group that exposes what it views as predatory behavior by Hedge Fund managers. In its report, the group points to evidence that hedge funds and private equity firms have been the driving force behind exponential increases in drug prices.

"Out of the twenty-five drugs with the fastest-rising prices over the past two years, twenty are owned or have been acquired by firms with significant activity from hedge fund, private equity, or venture capital firms," said the group in a report.

The 25 medications the group identifies were all subject to price increases of over 400 percent in the past two years, while three rose by over 1,000 percent.

At the top of the list was Vimovo, an arthritis drug. In 2013, a 500/20 mg tablet cost $1.88. But since the drug was purchased by Horizon Pharmaceuticals that year, the price has risen more than 1,200 percent, to $23.86 per tablet. According to the New York Times, that means the cost of the average daily treatment has risen from $4 to $50.

Horizon has defended itself, saying that the high prices were aimed at recouping the multi-million investment it put into purchasing the medication. It has further argued that out-of-pocket costs for patients aren't nearly as high as the price would indicate; they typically negotiate discount rates for insurers.

Next on the list is Dutoprol, a medicine for high blood pressure, currently owned by Concordia Healthcare Partners, which purchased it in April from a group of private equity investors. In the past two years, the price has increased from 52 cents per pill to $5.26, a 1,013 percent increase.

A recurring name on the list is Pershing Square Capital, a major New York hedge fund. It was involved in 13 of the 25 drugs on the list because of its large stake in Allergan, the maker of a number of drugs, ranging from botox to medicine for renal failure and degenerative muscle disorders.

Pershing pushed for a hostile takeover of Allergan by a competing firm, Valeant. Although it was ultimately unsuccessful — Allergan was instead taken over by Actavis — Hedge Clippers argues that the bidding war drove up prices and made Pershing CEO Bill Ackman big profits at the expense of consumers.

"(H)is manipulative moves exploded prices for medications needed by ordinary Americans — Americans who aren’t billionaires, and who can’t afford to pay billionaire prices for their medications," wrote Hedge Clippers.

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