The rise of generic drugs has been bad news for Big Pharma, but not so bad for copycat makers like Mylan, which gets the profile treatment today from its hometown newspaper, the Pittsburgh Tribune-Review. Since Labor Day five stock analysts have upgraded their ratings on the company, which bought Merck KGaA's worldwide generics unit in October for $7.4 billion. And that deal followed January's big investment in India's Matrix Pharmaceutical Laboratories. With those buys, Mylan became the world's third-largest generics maker. "I thought global from day one," CEO Robert J. Coury told the newspaper.
One interesting note: To embark on his growth plan, Coury had to squeeze out one of the company's big investors, none other than Carl Icahn. Might some Icahn-burdened biopharmas do the same?
- read more from Mylan's CEO in the Tribune-Review
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