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Mylan N.V.
Company typeNaamloze vennootschap
Nasdaq: MYL
NASDAQ-100 Component
NASDAQ Biotechnology Index Component
S&P 500 Component
IndustryPharmaceuticals
FoundedWhite Sulphur Springs, West Virginia, United States (1961)
FounderMilan Puskar
Don Panoz
HeadquartersAmsterdam, The Netherlands
Key people
Heather Bresch (CEO)[1]
ProductsGeneric and specialty pharmaceuticals and active pharmaceutical ingredients
RevenueIncrease US$ 7.72 billion (2014)[2]
Increase US$ 1.01 billion (2011)
Increase US$ 640.9 million (2012)
Total assetsIncrease US$ 11.598 billion (2011)
Total equityDecrease US$ 3.504 billion (2011)
Number of employees
approximately 30,000 (2015)[2]
Websitewww.mylan.com

Mylan N.V. is a global generic and specialty pharmaceuticals company registered in the Netherlands and with operational headquarters in Hatfield, Hertfordshire in the United Kingdom. In 2007, Mylan acquired a controlling interest in India-based Matrix Laboratories Limited, a top producer of active pharmaceutical ingredients (APIs) for generic drugs,[3] and the generics business of Germany-based Merck KGaA.[4] 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.[5] Mylan now has approximately 30,000 employees,[2] more than 1,000 separate products,[6] and serves customers in more than 150 countries and territories.[6] Mylan has a global manufacturing output of more than 45 billion doses.[6]

Operations

Mylan Inc. operates several divisions and subsidiaries:

In North America, Mylan operates:

In the Asia Pacific region, Mylan operates:[10]

In Europe, the Middle East, and Africa, Mylan operates:[10]

  • Operates 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.
  • Arcana Arzneimittel GmbH - Germany[12]
  • Generics Pharma Hellas - Greece[13]
  • Gerard Laboratories - Ireland[14]
  • Qualimed - trademark in France, but will stop being marketed under the brand name[15]
  • Docpharma - generic pharmaceutical distribution company in Belgium, the Netherlands and Luxembourg

History

Location

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.[16] The company began as a distributor, but in 1966, Mylan received approval to begin manufacturing penicillin G tablets.

Stock

In 1973, Mylan became a publicly traded company on the OTC market under the ticker symbol MYL, 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

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.[17]

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.[18] Mylan acquired Mumbai-based Famy Care and expand its presence in the market for women's contraceptives at about $750 million.[19]

In April 2015, Mylan offered to buy Irish pharmaceutical firm Perrigo for a fee of $29 billion,[20] this offer was rejected. Subsequently, Mylan increased its offer to, $75 in cash and 2.3 shares, $32 billion total.[21] Mylan stated in June 2015 that Teva’s disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules.[22] In July, Allergan agreed to sell off its generic drug business to Teva Pharmaceutical Industries for $40.5 billion[23][24][25] ($33.75 billion in cash and $6.75 billion worth of shares).[26] As a result, Teva dropped its pursuit of Mylan.

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors:

Mylan
 

Famy Care
(Acq 2014)

 

Abbott Laboratories
(Acq 2014, Generics division)

 

Merck KGaA
(Acq 2007, Generics division, renamed Mylan Laboratories Inc)

 

UDL Laboratories
(Acq 1996)

 

Bertek Inc
(Acq 1993, renamed Mylan Technologies Inc)

Milan Pharmaceuticals
(Founded 1961)

Pharmaceuticals

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.[27]

In June 2015, the company agreed to co-develop Pulmatrixs clinical drug candidate, PUR0200, for treatment of chronic obstructive pulmonary disease.[28]

Execution drugs

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.[29]

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”.[29]

Legal issues

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.[30]

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.[31]

References

  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 "Fact Sheet" (PDF).
  3. ^ "Mylan buys part of drug maker". Pittsburgh Business Times. December 30, 2013.
  4. ^ "Mylan Laboratories To Acquire Generics Business Of Merck KGaA For 4.9 Billion Euros". Medical News Today. May 26, 2007.
  5. ^ "Pharmaceutical giants tracking Mylan's prosperity". The Pittsburgh Tribune-Review. August 13, 2008.
  6. ^ a b c "Mylan Inc. Corporate Profile".
  7. ^ "Transdermal Patches - Mylan". mylantech.com.
  8. ^ "Brand Name Medicines - Mylan". dey.com.
  9. ^ http://www.mylan.com/global_reach/other_areas.aspx
  10. ^ a b http://www.mylan.com/global_reach/APAC.aspx
  11. ^ "matrixlabsindia.com". matrixlabsindia.com.
  12. ^ "What's new - ARCANA Arzneimittel-Herstellung". arcana.de.
  13. ^ http://www.manta.com/coms2/dnbcompany_wsklv1
  14. ^ http://www.idaireland.com/search-companies.xml?ss_id=3837
  15. ^ http://www.bioportfolio.com/news/pdf/454777/Us-Mylan-To-Withdraw-Qualimed-Brand-From-French-Market-Report.pdf
  16. ^ "Mylan 50 years young and still making history". Mylan. Retrieved April 18, 2012.
  17. ^ http://www.drugstorenews.com/article/mylan-acquires-rights-pfizers-inhaler-technology, accessed 1 May 2012
  18. ^ http://abcnews.go.com/Business/wireStory/mylan-buy-abbott-business-line-53b-deal-24547698, accessed 14 July 2014
  19. ^ "US drugmaker Mylan to acquire Famy Care for $750 Million". timesofindia-economictimes. 3 February 2015.
  20. ^ "Generic drugmaker Mylan offers $29 billion for Perrigo" (Press release). Reuters. 8 April 2015.
  21. ^ Crayton Harrison (29 April 2015). "Mylan Raises Offer to Acquire Perrigo to $32.7 Billion". Bloomberg.com.
  22. ^ Anjali Rao Koppala (1 June 2015). "Mylan says Teva's stake buy violates U.S. anti-trust rules". Reuters. Retrieved 2 June 2015.
  23. ^ "Teva to Buy Allergan's Generic Drug Unit". Bloomberg.com. 27 July 2015.
  24. ^ Cynthia Koons (27 July 2015). "Teva CEO: $40.5 Billion Allergan Deal is Just the Beginning - Bloomberg Business". Bloomberg.com.
  25. ^ "Teva Purchasing Allergan's Generics Unit in $40.5B Deal". Bloomberg.com. 27 July 2015.
  26. ^ Chitra Somayaji (27 July 2015). "Teva Snaps Up Allergan's Generics Arm, Dumping Mylan". Bloomberg.com.
  27. ^ "Mylan Launches Generic Version of Famvir® Tablets" (Press release). Mylan. 20 April 2011. Retrieved 21 April 2011.
  28. ^ "Mylan to Co-Develop Pulmatrix' COPD Candidate". GEN.
  29. ^ 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. {{cite journal}}: Cite has empty unknown parameter: |authors= (help)
  30. ^ Freudenheim, Milt (10 September 1989). "Exposing the F.D.A." New York Times.
  31. ^ Labaton, Stephen (July 13, 2000). "Generic-Drug Maker Agrees to Settlement In Price-Fixing Case". The New York Times. Retrieved April 18, 2012.
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