Mylan | PharmaBoardroom

Mylan

Mylan N.V. is an American global generic and specialty pharmaceuticals company registered in the Netherlands, with principal executive offices in Hatfield, Hertfordshire, UK and global headquarters in Canonsburg, Pennsylvania, US. In 2007, Mylan acquired a controlling interest in India-based Matrix Laboratories Limited, a top producer of active pharmaceutical ingredients (APIs) for generic drugs, and the generics business of Germany-based Merck KGaA. Through these acquisitions, Mylan grew from the third-largest generic and pharmaceuticals company in the United States to the second-largest generic and specialty pharmaceuticals company in the world.

Mylan went public on the OTC market in February 1973. It is listed on the NASDAQ, and its shares have been a component of NASDAQ Biotechnology, NASDAQ 100, and the S&P 500 indices.

The company develops and produces medicines for a wide range of medical disciplines, including oncology, anaphylaxis, antiretrovirals, cardiovascular, respiratory, dermatology, immunology, anaesthesia and pain management, infectious disease, gastroenterology, diabetology/endocrinology, and women’s healthcare.

In 2016, Mylan’s pricing of the EpiPen, an epinephrine autoinjector, became controversial and was widely referred to as “price gouging”. As a result, investigations were opened into whether Mylan had misclassified the EpiPen under the Medicaid Drug Rebate Program, a common form of pharmaceutical fraud. In October 2016, Mylan settled these investigations with the U.S. Department of Justice, agreeing to pay $465 million and enter into a corporate integrity agreement concerning the rebate program. In a report published on June 12, 2017, Institutional Shareholder Services criticized Mylan for the “outsized compensation” of Mylan’s directors. Former CEO Robert Coury received a $98 million 2016 pay package in spite of shareholder losses and the perceived harm to the company inflicted by the EpiPen controversies. The report urged Mylan’s shareholders to oust all of Mylan’s existing directors.

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