Mylan

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Mylan Inc.
Type Public
Traded as NASDAQMYL
NASDAQ-100 Component
NASDAQ Biotechnology Index Component
S&P 500 Component
Industry Pharmaceuticals
Founded White Sulphur Springs, West Virginia, United States (1961)
Founders Milan Puskar
Don Panoz
Headquarters Cecil Township, Pennsylvania, U.S.
Key people
Products Generic pharmaceuticals and branded generics, specialty pharmaceuticals and active pharmaceutical ingredients
Revenue Increase US$ 6.80 billion (2012)[3]
Operating income Increase US$ 1.01 billion (2011)
Net income Increase US$ 640.9 million (2012)
Total assets Increase US$ 11.598 billion (2011)
Total equity Decrease US$ 3.504 billion (2011)
Employees approximately 22,000 (2013)[3]
Website www.mylan.com

Mylan Inc. is a global generic and specialty pharmaceuticals company headquartered in Cecil Township, Pennsylvania. In 2007, Mylan acquired a controlling interest in India-based Matrix Laboratories Limited, a top producer of active pharmaceutical ingredients (APIs) for generic drugs,[4] and the generics business of Germany-based Merck KGaA.[5] Through these acquisitions, Mylan has grown from the third-largest generic and pharmaceuticals company in the United States to the second-largest generic and specialty pharmaceuticals company in the world.[6] Mylan now has approximately 22,000 employees,[3] more than 1,000 separate products,[3] and serves customers in more than 150 countries and territories.[3] Mylan has a global manufacturing output of more than 45 billion doses.[3]

Operations[edit]

Mylan Inc. operates several divisions and subsidiaries:

North America

Asia Pacific[8]

Europe, the Middle East and Africa[10]

  • Operate under the Mylan name in Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom. Also operates in South Africa.[10]
  • Arcana Arzneimittel GmbH - Germany[11]
  • Generics Pharma Hellas - Greece[12]
  • Gerard Laboratories - Ireland[13]
  • Qualimed - trademark in France, but will stop being marketed under the brand name[14]
  • Docpharma - generic pharmaceutical distribution company in Belgium, the Netherlands and Luxembourg

Other Areas[15]

History[edit]

Location[edit]

Mylan Pharmaceuticals was founded in 1961 as Milan Pharmaceuticals by Milan Puskar and Don Panoz in White Sulphur Springs, West Virginia. The company moved to Morgantown, West Virginia, in 1965, and in 1976 it relocated its corporate headquarters to Pittsburgh suburb Canonsburg, Pennsylvania, and finally in 2004 it moved to a new office center in nearby Southpointe, a suburban business park located in Cecil Township, where it is still located.[17] The company began as a distributor, but in 1966, Mylan received approval to begin manufacturing penicillin G tablets.

Stock[edit]

In 1973, Mylan became a publicly traded company on the OTC market under the ticker symbol MYLN, and in 1976 moved to NASDAQ. Their final stock move was in 1986, when their stock became available for trade on the New York Stock Exchange under the ticker symbol MYL. Currently, the stock is traded on the NASDAQ.

Acquisitions[edit]

Mylan acquired Bertek Inc. in 1993, and in 1999 renamed the company Mylan Technologies Inc. Mylan acquired UDL Laboratories, a supplier of generic medications to institutional and long-term care facilities in 1996. In October 2007 Mylan bought the generics arm of Merck KGaA, and renamed the entire corporation from Mylan Laboratories Inc. to Mylan Inc. In 2011, Mylan entered into an agreement with Pfizer for the exclusive worldwide rights to develop, manufacture and commercialize Pfizer's generic equivalent to GlaxoSmithKline's Advair Diskus and Seretide Diskus incorporating Pfizer's proprietary dry powder inhaler delivery platform.[18] On July 14, 2014, Mylan announced that it would be purchasing Abbott Laboratories' generic-drugs business in developed markets for stock valued at about $5.3 billion.[19]

Pharmaceuticals[edit]

Mylan discontinued private-label manufacturing in 1980 and instead chose to market their products under their own "Mylan-labeled" brand. Their first Mylan-invented product, Maxzide, received approval for treating hypertension in 1984, and was the first new drug to be patented by a manufacturer of generic drugs. By 1995, Mylan had become the most dispensed line of pharmaceuticals in America, according to the December 2004 IMS National Prescription Audit. Sales of Mylan's generic drugs exceeded $1 billion in 2002, and in 2004 Mylan was added to the S&P 500.

In 2011, the company launched a generic version of famciclovir.[20]

Execution drugs[edit]

Mylan manufactures rocuronium bromide, which is approved by the state of Alabama for use in executions by lethal injection. European manufacturers refuse to sell drugs which can be used for executions to the United States, except to distributors or users who sign legally binding agreements that the drug will not be used for executions down the delivery chain.[21]

In September 2014, the London-based human rights organization Reprieve told Mylan that they were the only FDA-approved manufacturer of rocuronium bromide without legal controls in place to prevent its use in executions, and there was “a very real risk that Mylan may soon become the go-to provider of execution drugs for states across the country”. The German asset manager DJE Kapital divested itself of $70 million in Mylan shares for that reason. Mylan said that their distribution was “legally compliant”.[21]

Legal issues[edit]

In 1989, CEO Roy McKnight testified before the House Oversight and Investigations Committee, exposing fraud and corruption within the Food and Drug Administration's generic drugs division. The corruption came to light after Mylan had hired private detectives in 1987—"out of desperation"—to "snoop around the Food and Drug Administration, which it suspected had been stalling its applications to make new generic drugs". It also sued four competitors that had bribed the FDA under federal antitrust laws and the Racketeer Influenced and Corrupt Organizations Act.[22]

In 2000, the company agreed to pay $147 million to settle accusations by the FTC that they had raised the price of generic lorazepam by 2,600% and generic clorazepate by 3,200%. Mylan obtained exclusive licensing agreements in 1998 for certain ingredients. The company did not admit to any wrongdoing.[23]

References[edit]

  1. ^ "Mylan Inc. (MYL) Launches Innovative Version of Antiepileptic Drug Levetiracetam", ClinicaSpace (press release) (Mylan), January 20, 2012, retrieved January 22, 2012 
  2. ^ a b c d http://investor.mylan.com/management.cfm
  3. ^ a b c d e f "Mylan Inc. Corporate Profile". 
  4. ^ "Mylan buys part of drug maker". Pittsburgh Business Times. December 30, 2013. 
  5. ^ "Mylan Laboratories To Acquire Generics Business Of Merck KGaA For 4.9 Billion Euros". Medical News Today. May 26, 2007. 
  6. ^ "Pharmaceutical giants tracking Mylan's prosperity". The Pittsburgh Tribune-Review. August 13, 2008. 
  7. ^ http://www.mylantech.com
  8. ^ http://www.mylan.com/global_reach/APAC.aspx
  9. ^ http://www.matrixlabsindia.com/inside/overview.asp
  10. ^ a b http://www.mylan.com/global_reach/EMEA.aspx
  11. ^ http://www.arcana.de/
  12. ^ http://www.manta.com/coms2/dnbcompany_wsklv1
  13. ^ http://www.idaireland.com/search-companies.xml?ss_id=3837
  14. ^ http://www.bioportfolio.com/news/pdf/454777/Us-Mylan-To-Withdraw-Qualimed-Brand-From-French-Market-Report.pdf
  15. ^ http://www.mylan.com/global_reach/other_areas.aspx
  16. ^ http://www.dey.com/
  17. ^ "Mylan 50 years young and still making history". Mylan. Retrieved April 18, 2012. 
  18. ^ http://www.drugstorenews.com/article/mylan-acquires-rights-pfizers-inhaler-technology, accessed 1 May 2012
  19. ^ http://abcnews.go.com/Business/wireStory/mylan-buy-abbott-business-line-53b-deal-24547698, accessed 14 July 2014
  20. ^ "Mylan Launches Generic Version of Famvir® Tablets" (Press release). Mylan. 20 April 2011. Retrieved 21 April 2011. 
  21. ^ a b Owen Dyer (24 October 2014). "Drug company is targeted for refusing to adopt ban on distribution of execution drug". BMJ 2014 (349): g6452. doi:10.1136/bmj.g6452. 
  22. ^ Freudenheim, Milt (10 September 1989). "Exposing the F.D.A.". New York Times. 
  23. ^ Labaton, Stephen (July 13, 2000). "Generic-Drug Maker Agrees to Settlement In Price-Fixing Case". The New York Times. Retrieved April 18, 2012.