Mylan

Novartis, Medicis cut generics deals

Tracy Staton — Tue, 02 Dec 2008 11:10:44 -0500

The march of the authorized generic deal continues with two new pacts between brand-name drugmakers and their copycats. In both cases, the generics makers will be able launch their versions of the branded drugs before they officially go off patent.

First, there's Novartis and Mylan, which have inked an agreement on the breast cancer treatment Femara. Mylan will be able to sell versions of the drug before the patents begin to expire in 2011. Mylan says it was the first to ask the FDA to OK its copy of Femara, which would give it 180 days of marketing exclusivity on the generic form. That's worth a substantial amount of moolah, because that first generic usually carries a higher price tag than the copies do once several companies are competing. Femara brought in about $470 million in U.S. sales over the 12 months ended Sept. 30, Mylan said.

Next, there's Medicis Pharmaceutical and Impax Laboratories, which have cut a deal on a generic version of the acne drug Solodyn. Impax had filed for FDA approval on a copycat version, prompting a patent fight, but under this settlement, Impax gets the right to sell a copycat drug by November 2011. Impax will pay royalties to Medicis on Solodyn sales. Plus--and this is the innovative part of the deal--Medicis and Impax will work together to develop five dermatology products, including a new-and-improved Solodyn. Impax will get $40 million up front and $23 million in milestone pay6ments, plus royalties on Solodyn II.

- check out Mylan's release
- see Medicis' statement
- see the Femara story at RTT News
- read the Medicis article from the Associated Press

Mylan to cut 100 in Puerto Rico

Tracy Staton — Thu, 12 Jun 2008 10:58:09 -0400

Workers in Caguas, Puerto Rico, braced for the axe as Mylan announced it would eliminate 100 of the 500 positions at that manufacturing plant. The generics maker announced back in March that it would embark on a big restructuring plan to cut costs, eliminating some jobs in the process, but this the first tangible evidence of that plan in motion. In cutting back on the manufacturing side, Mylan joins a host of other drugmakers, some of which have shuttered entire plants as they streamline operations and outsource more operations. In Puerto Rico alone, pharma has sliced some 3,000 jobs.

- read the Associated Press story
- see the Pharmalot post

Mylan to sell copycat of Teva MS drug

Tracy Staton — Tue, 10 Jun 2008 10:47:27 -0400

Here's a turnabout-is-fair-play story. Generics maker Teva Pharmaceuticals, known for its aggressive challenges to brand-name drugs, is getting challenged itself. The company has one very big branded product: Copaxone, a multiple sclerosis treatment. Well, Mylan Pharmaceuticals is copying it, with the help of India's NATCO Pharma. Mylan will market the generic version in the U.S., Europe, Australia, New Zealand, Japan, and Canada; NATCO already sells it in India and Ukraine.

Copaxone is a big moneymaker for Teva, with $542 million in first-quarter sales alone, up 35 percent year-over-year. So it's no surprise that the company's shares faltered on the Mylan news. Copaxone isn't supposed to go off patent in the U.S. till 2014; we'll see how Teva strikes back.

- check out Mylan's release
- see the MarketWatch news

Mylan's Robert Coury - CEO Pay

Tracy Staton — Mon, 19 May 2008 15:00:15 -0400

Robert Coury - Mylan

Total Compensation: $8.54M

2007 Revenue: $2.17B
2006 Revenue: $1.61B
Change: 34%

Details: Mylan CEO and Vice Chairman Robert Coury brought down $10.3 million during fiscal 2007, which ran only nine months because the drugmaker changed its fiscal year. Coury earned salary of about $1.12 million, stock awards of $1.15 million, and about $2.1 million in incentive compensation. Mylan was the only company that primarily produces generics drugs to grace our top 17.

Mylan News:
Mylan CEO intent on new global biz
Mylan CEO makes $10M in 9 months

Actavis hit with suit over recalled Digitek

Mon, 12 May 2008 06:59:54 -0400

Maybe not faster than a speeding bullet, but close. Lawyers already are filing a class-action lawsuit against Iceland's Actavis over the recalled heart drug Digitek, which was just pulled off the market two weeks ago. (The suit also names Mylan, which distributed the meds.)

The generics maker pulled the drug because some batches may have included tablets that were twice the normal strength. Plaintiffs are alleging injury and asking for damages and medical monitoring in case of future health problems. At the time of the recall, Actavis said the stronger tablets might cause toxicity in renal-failure patients.

- see the item at the WSJ Health Blog