Mylan (NSDQ:MYL) last week agreed to pay $465 million to settle claims that it underpaid Medicaid for its EpiPen auto-injector by misclassifying the device as a generic. Last week, the Centers for Medicare & Medicaid Services said it spent $797 million on the emergency allergy treatment between 2011 and 2015, including rebates. The Canonsburg, Pa.-based company has […]
Wall Street Beat
Mylan clarifies $104 profit on $600 EpiPens
Mylan (NSDQ:MYL) acknowledged that the $104 profit it reported to Congress included taxes, after the Wall Street Journal reported that the company applied the statutory U.S. tax rate of 37.5% to calculate its profits for testimony before the Senate, according to Reuters. “Without the tax-related reduction, Mylan’s profits on the EpiPen 2-pack would be closer […]
Sancilio withdraws $86m IPO for lipid-based drug delivery
Sancilio Pharmaceuticals last week withdrew its plans for an initial public offering it hoped would bring in $86 million for its Advanced Lipid Technology drug delivery platform. The Florida-based company registered the IPO in August 2015, but today requested that the SEC consent to its withdrawal, without giving a specific reason. The company’s drug delivery […]
Mylan CEO to testify before House panel over EpiPen pricing
(Reuters) –Mylan (NSDQ:MYL) Chief Executive Officer Heather Bresch will appear at a Sept. 21 congressional hearing over price increases for its EpiPen emergency allergy treatment, the U.S. House of Representatives Oversight Committee said in a statement on Wednesday. Mylan has been widely criticized, including by U.S. Democratic presidential candidate Hillary Clinton, for sharply raising the price […]
Teva plans competitor for Mylan’s EpiPen
Teva Pharmaceutical (NYSE:TEVA) said last week that it hopes to win U.S. approval for its version of Mylan‘s (NSDQ:MYL) EpiPen by late 2017 or early 2018. Mylan’s EpiPen holds an estimated 94% market share in the U.S.; an alternate device from Teva could threaten the product’s dominance. Teva’s application for its epinephrine injector has been […]
Sanofi, Google’s Verily launch $500m Onduo diabetes JV
Sanofi (NYSE:SNY) and Verily Life Sciences, the healthcare play owned by Google parent Alphabet (NSDQ:GOOGL), are launching a joint venture to tackle diabetes. The Cambridge, Mass.-based Onduo JV will aim to combine Verily’s expertise in miniaturized electronics, analytics, and consumer software with Sanofi’s diabetes program. Dr. Joshua Riff, formerly senior vice president of prevention & wellbeing at UnitedHealth‘s (NYSE:UNH) Optum business, was tapped to be […]
Senate panel to investigate Mylan’s EpiPen pricing
The U.S. Senate’s investigations panel is reportedly launching a “preliminary inquiry” into Mylan’s (NSDQ:MYL) pricing of the EpiPen epinephrine auto-injector. Mylan came under fire in recent weeks for raising the price of EpiPens nearly 500%, from $100 in 2008 to more than $500 this year, despite stable manufacturing costs. In late August, Sens. Amy Klobuchar […]
Unilife: Ex-CEO Shortall’s shenanigans exposed ‘material weaknesses’
Shares in Unilife (NSDQ:UNIS) are off 7% this week after the company said its investigation into former CEO Alan Shortall turned up “material weaknesses” in its bookkeeping procedures that will require it to restate some of its financials. Shortall, who left the company in March along with COO Ramin Mojdeh, was elevated to chairman in 2013. In May, […]
Mylan cuts EpiPen price in half after criticism
By Sarah Faulkner Mylan (NSDQ:MYL) said today that it would reduce the out-of-pocket patient cost for its EpiPen product, after being widely criticized for raising the price nearly 500% since 2009. Although the list price for the epinephrine injector remains the same, Mylan said it would increase eligibility for its patient assistance program, which eliminates out-of-pocket costs for uninsured […]
Sirtex Medical jumps on surging sales, profits for fiscal 2016
By Sarah Faulkner Shares in Sirtex Medical (ASX:SRX) closed up nearly 12% today after the Australian medical device company posted huge boosts to both the bottom and top lines. Sydney-based Sirtex Medical makes targeted liver cancer therapies using resin microspheres called SIR-sphere Y-90. Sirtex said profits were $40.8 million (A$53.6 million), or 70¢ (A92.2¢) per share, on sales of […]
