Home Politics Religion Media Biz Society Tech Travel Books Intl. Autos Automobiles
                        Aviation   Pharma   About Us   Feedback   Links
PHARMA - ICAHN MYLAN SHARE SALE

Carl Icahn sells Mylan shares

 

BY OUR PHARMA CORRESPONDENT

13th August, 2005:Carl Icahn and Icahn Entities has reportedly sold more than 5% of Mylan Laboratories' outstanding shares to High River Limited Partnership, Mr Icahn's company.

Following the acquisition of around 24.8 million shares in Mylan at a price of US$19.50 per share, the High River has abandoned its attempt to acquire King Pharmaceuticals, a company release said.

High River has also announced a US$1.25 billion share buy-back; doubled its dividend rate; plans to exploit its proprietary nebivolol product through a distribution partner; and the retirement of two of its non-independent directors.

At the time Mylan's tender offer closed on 15th July 2005, its stock closed at US$19.40, 32% higher than before Mr Icahn became involved in the company, the press release noted.

High River had decided to tender nearly 26.3 million shares in Mylan pursuant to Mylan's tender offer, and had made the decision late on 15th July. Part of the reason why the company decided to tender the shares was a belief that it would be difficult to win a proxy fight with the stock trading at its current levels.

Earlier, Mr Icahn offered to buy out Mylan at US$20 per share, leading to a threat of a proxy fight. Mr Icahn still believed shareholder value would be further enhanced if Mylan were put up for sale and consolidated with a larger company, the release added.

Mylan responded to the actions by noting that High River had for the second time dropped its lawsuit against Mylan relating to the scheduling of Mylan's annual meeting and adoption of bylaw changes in February. Mr Icahn had challenged the validity of the amendments. The lawsuit had been filed in a Pennsylvania federal district court.
High River had filed a similar lawsuit in March 2005, but then withdrew it after the court denied High River's application for a temporary restraining order.

Founded in 1961, Mylan Laboratories is the sixth-largest generic manufacturer in the world. Its operations are very much based in the eastern USA; the company has no significant presence in overseas markets. The company had 14 ANDAs approved in 2004 and a further six in the first four months of 2005.

Sales for the year ended March 31st 2005 amounted to US$1,253.4 million, a fall of 8.8% compared with 20004. Of this, generics amounted to US$1,012.5 million, a fall of 7.6%. Mylan attributes this fall in revenues to a drop off in omeprazole revenues and a lack of major new product launches for much of fiscal 2005.

Generics are manufactured by Mylan Pharmaceuticals, based in Morgantown, West Virginia. Recent product launches in the US include fluconazole and ciprofloxacin. Mylan was also one of the first companies to bring a generic version of omeprazole to the US market.

Mylan Technologies is Mylan’s drug delivery subsidiary, based in St Albans, Vermont. It had two ANDAs approved in early 2005, for oestradiol and fentanyl transdermal patches. Mylan has fought a long-running legal battle to get approval for its fentanyl product.

Mylan also has a small branded drug operation. Mylan attempted to hugely boost its branded drug capacity in 2004, by acquiring King Pharmaceuticals for US$4 billion. King would also have allowed Mylan to acquire a large salesforce. The deal ran into trouble amid shareholder opposition and restatements of King’s financial position; it was called off in February 2005. The setback has led Mylan to begin to rethink its branded strategy.

BY OUR PHARMA CORRESPONDENT

Pharma News Headlines

Cancer News

Cardiac News

US FDA News

Pharma industry news

LATEST UPDATES

Heart disease deaths more among New Yorkers

Pfizer to offer drugs risk/benefit summary to consumers 

Merck lied to public on Vioxx: lawyer tells jurors

Novartis acquires rights of kidney dialysis drug from SeBo

J&J's Concerta approved treatment of ADHD in teenagers in Canada

US FDA stalls Roche’ Accutane use in pregnancy

Novo Nordisk, Eli Lilly remove insulin products from Australia

British drug supply chain safety questioned after another fake Lipitor find

Wyeth starts support programme for Effexor patients

P&G’s Actonel with Calcium approved for osteoporosis

Pozen gets patent on pain management product

Genmab studies new drug for rheumatoid arthritis

Painkillers may increase blood pressure: study

Nektar buys out Aerogen for $32 m

Predix records positive data on anxiety drug

Insmed files against Increlex approval

Hepatitis A vaccine for kids approved in US

Psoriasis drug data positive: Cytochroma

Novo Nordisk’s 24-hour acting insulin Levemir gets US FDA okay

US FDA approves Teva's generic for osteoporosis 

Pfizer files NDA for Sutent in US

BioVeris licenses Baxter's vaccine portfolio

TheraQuest receives 2nd Orphan Drug status for neuralgia drug

Real-time glucose monitoring device approved in US

Halozyme gets FDA nod for bladder cancer therapy

Migenix to commence phase 2b studies in hep C therapy

Barr gets US FDA okay for clonazepam tabs

Anorexia drug study results positive: Par

GlaxoSmithKline begins phase III trials of new HIV drug

Ranbaxy's 7 anti retrovirals included in WHO list

FDA tightens restrictions on acne drug

Voglibose tabs launched in Japan

Remicade researcher gifts $ 105m to NYU

Par loses ondansetron case to GSK

Mistral starts clinical studies for generic

Carl Icahn sells Mylan shares

Florida sues Mylan, Teva and Watson

Dey and Connecticut settle pricing dispute

Germany set to stop rabies crossing borders

Office to review DTC drug advertisements in US

British docs to be trained in communication, safety

FDA okays acrylic lens for cataract patients 

Corautus to go ahead with angina drug studies 

Americans turn the low-fat way

Chemicals in plastics pose danger

US committee probes doctors’ complicity with Wall Street analysts

Meda buys out rival Viatris

US FDA nod for new levofloxacin regimen to treat acute bacterial sinusitis

Pozen files for new migraine treatment

New therapy for pancreatic cancer under review

New device inducing blood flow to heart granted US patent

NIH announces grants for faster, cheaper DNA sequencing

DOV starts phase III trial of pain drug in US

Alcohol linked cancers: Acetaldehyde in spot light

Hypertension `just above normal’ too risky

Gene causes infertility drugs go awry: study

China’s pig flu outbreak

Cardiac Science-Defibtech lawsuit settled

Peregrine starts Phase-1 anti-viral trial of Tarvacin

Dr. Reddy's launches immune booster for children

Lupin in pact with Kyowa of Japan

Bird flu vaccine may work in humans: US researchers

 

 

Home Politics Religion Media Biz Society Tech Travel Books Intl. Autos Automobiles
                        Aviation   Pharma   About Us   Feedback   Links

Latest updates    Contact Us - Feedback    About Us