Key Developments For Mylan Inc.
Mylan Inc. (MYL.O) (Nasdaq)
Ratiopharm Attracts At Least 10 First Round Bids Including Mylan Inc.-Reuters
Reuters reported that German generic drug maker Ratiopharm has attracted at least 10 first-round bids. Bidders from the healthcare industry include Teva Pharmaceutical Industries Ltd., Mylan Inc., sanofi-aventis, SINOPHARM HOLDING CO., LIMITED and Actavis of Iceland. Buyout firms participating in the round of bids, which were non-binding, include TPG, Advent in collaboration with Goldman Sachs, Permira and KKR. One source said EQT also filed a bid. Several sources close to the proceedings also told that most bids came in between EUR2 billion ($3 billion) and EUR2.5 billion. VEM owner Ludwig Merckle is selling Ratiopharm as part of concessions made by his late father to creditor banks.
Mylan Inc. Raises FY 2009 EPS Guidance; Comments On FY 2010 Guidance
Mylan Inc. increased the range of fiscal 2009 adjusted diluted earnings per share (EPS) guidance to $1.24-$1.28 and are confident that this momentum will continue into fiscal 2010 and enable the Company to once again deliver the revenue and earnings performance growth that they envision. According to Reuters Estimates, analysts were expecting the Company to report EPS of $1.17 for fiscal 2009; EPS of $1.48 on revenues of $5.28 billion for fiscal 2010.
Mylan Inc.'s Dey Pharma, L.P. Launches EpiPen Auto-Injector 0.3/0.15 mg
Dey Pharma, L.P., a subsidiary of Mylan Inc. announced that it has launched EpiPen Auto-Injector 0.3/0.15 mg. This EpiPen Auto-Injector maintains the simplicity, speed, safety and reliability of EpiPen Auto-Injector with several new, user-friendly features, including being the only auto-injector with needle-protection before and after use.
Mylan Inc. Declares Quarterly Preferred Stock Dividend
Mylan Inc. announced that in accordance with its 2.139 million preferred stock issuance, the Company has declared its quarterly dividend of $16.25 per share (based on the annual dividend rate of 6.5% and a liquidation preference of $1,000.00 per share) payable on November 16, 2009, to holders of preferred stock of record as of November 1, 2009.
Mylan Inc. Resolves Longstanding Dispute With DOJ Regarding Certain Medicaid Rebate Classifications From 2000 Through 2004
Mylan Inc. announced that two of its subsidiaries have resolved a longstanding dispute with the U.S. Department of Justice (DOJ) relating to certain Medicaid rebate classifications. The Company's subsidiaries Mylan Pharmaceuticals Inc. and UDL Laboratories Inc. settled civil claims first brought to the Company's attention in 2005. The settlement of approximately $121 million resolves claims by the federal government, relevant states and a private relator and includes no admission or finding of wrongdoing on the part of either Mylan Pharmaceuticals or UDL Laboratories. The underlying matter involved a dispute as to whether, for purposes of Medicaid rebates, an authorized generic is subject to the generic rate that the Company paid on sales from 2000 through 2004, or a higher innovator rate. In this matter, the settlement includes products supplied by third party innovators to the Company for sale as generics. The Company intends to seek recovery of a substantial portion of the settlement amount from any party that received overpayments resulting from adjusted net sales during the relevant time frame.
