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Carl Icahn sells Mylan shares



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.


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