Mylan Inc (NASDAQ:MYL) suffers setback


Dallas, Texas 10/04/2013 (Financialstrend) – In what is being considered as a big setback for merger plans between the generic drugs maker Mylan Inc (NASDAQ:MYL) and Aglia Specialities on September 27, FTC ordered that “11 injectable generic medications” have to be set free by Mylan and Aglia Specialties collectively before their proposed merger worth $1.6 billion will be allowed to go forward. In its order FTC has said “”This proposed settlement will ensure that these important generic injectable medications will continue to be available at a competitive price,”

This setback comes close on the heels of another legal blow which landed on September 23. In this long drawn out patent infringement case, Teva pharmaceuticals had accused Mylan of intellectual property rights infringement by Mylan drug used for treating Parkinsons disease.

In the September 23 ruling, the adjudicating U.S. District Court judge ruled that “Teva’s existing patent also covers the method of treating Parkinson’s disease” and concurred with Teva that Mylan’s proposed “Azilect  treatment” would constitute a infringement of Teva patent. The Israeli based Teva is pushing for the court to stop Mylan launching any related version of Azilect until its own Parkinson’s drug patent expires as scheduled in 2017.

In spite of these dual setbacks the company stock is charting a strong growth patch in terms of market value. Its share prices have gone up by 4.22% over the past week. It is up 11.3% over the past one month. It has a market capitalization of close to $15.2 billion with 381 million shares outstanding.  It has clocked up $6.85 billion of sales over the past 12 months trailing period with income of $657 income.  This stock is being tracked on the S&P 500 index.  On October 3 close of business the share price settled at $39.99 up 1.27% from its previous day close.

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