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| Type | Public (NYSE: MYL) |
|---|---|
| Founded | 1961 |
| Headquarters | Canonsburg, Pennsylvania, USA |
| Key people | Robert J. Coury, Vice Chairman and CEO Milan Puskar, Chairman and Founder Heather Bresch, Executive Vice President and COO |
| Industry | Pharmaceuticals |
| Products | generic drugs medical equipment dispensing equipment |
| Revenue | ▲$1.29 billion USD |
| Employees | 3,000 |
| Website | www.mylan.com |
Mylan Inc. (NYSE: MYL) is a U.S.-based generic pharmaceuticals company headquartered in Canonsburg, Pennsylvania, in suburban Pittsburgh, Pennsylvania. It has production facilities in three states and Puerto Rico.
The company operates through three subsidiaries: Mylan Pharmaceuticals, Mylan Technologies, and UDL Laboratories. Mylan Pharmaceuticals is located in Morgantown, West Virginia and focuses primarily on solid oral dose generic pharmaceutical products. Mylan Technologies, located in St. Albans, Vermont, is the market leader in generic transdermal drug delivery technology, and is the largest producer of generic transdermal patches. UDL Laboratories, in Rockford, Illinois, is the number one supplier of unit dose pharmaceuticals to hospitals and other institutions.
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History
Location
Mylan Pharmaceuticals was founded in 1961 as Milan Pharmaceuticals by Milan Puskar and Don Panoz in White Sulphur Springs, West Virginia. The company moved to Morgantown, West Virginia in 1965, and in 1976 it relocated its corporate headquarters to Pittsburgh, Pennsylvania, and finally in 2004 it was moved to a suburb of Pittsburgh, Canonsburg, where it is still located. [1] The company began as a distributor, but in 1966, Mylan received approval to begin manufacturing penicillin G tablets.
Stock
In 1973, Mylan became a publicly traded company on the OTC Market under the ticker symbol MYLN, and in 1976 moved to NASDAQ. Their final stock move was in 1986, when their stock became available for trade on the New York Stock Exchange under the ticker symbol MYL.
Acquisitions
Mylan acquired Bertek Inc. in 1993, and in 1999 renamed the company Mylan Technologies Inc. Mylan acquired UDL Laboratories, a supplier of generic medications to institutional and long-term care facilities in 1996. In October 2007 Mylan bought the generics arm of Merck KGaA, and renamed the entire corporation from Mylan Laboratories Inc. to Mylan Inc.
Pharmeceuticals
Mylan discontinued private-label manufacturing in 1980 and instead chose to market their products under their own "Mylan-labeled" brand. Their first Mylan-invented product, Maxzide, received approval for treating hypertension in 1984, and was the first new drug to be patented by a manufacturer of generic drugs. By 1995, Mylan had become the most dispensed line of pharmaceuticals in America, according to the December 2004 IMS National Prescription Audit. Sales of Mylan's generic drugs exceeded US$1 billion in 2002, and in 2004 Mylan was added to the S&P 500.
Legal Issues
In 1989, CEO Roy McKnight testified before the House Oversight and Investigations Committee, exposing corruption within the Food and Drug Administration and a number of generic companies.
In 2000, the company agreed to pay $147 million to settle accusations by the F.T.C. that they had raised the price of generic lorazepam by 2600% and generic clorazepate by 3200%. Mylan obtained exclusive licensing agreements, in 1998, for certain ingredients. The company did not admit to any wrongdoing.[2]
References
- ^ http://www.mylan.com/about_us/company_history.aspx
- ^ "Generic-Drug Maker Agrees to Settlement In Price-Fixing Case", The New York Times (July 13, 2000).
Wikipedia content modification information:
- This page was last modified on 3 October 2008, at 12:42.
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