Mylan confirmed that it expects to realize its stated $100 million synergy target for the Merck Generics acquisition for 2008 (exclusive of one time costs) and it is on track to meet or exceed the targeted recurring annual synergies of $300 million by the end of 2010, as outlined by the Company during its investor day on October 3, 2007.
To achieve these results, the Company announced that it has initiated the necessary actions within research and development (R&D) and manufacturing. The actions announced today are expected to yield 75% of the overall $300 million annual synergy target by the end of 2010.
Heather Bresch, Chief Operating Officer and Chief Integration Officer, said: "We are well ahead of our implementation schedule. Our efforts to date extend across all areas of the new combined company, including strengthening our leadership and organizational infrastructure, ensuring effective separation from Merck KGaA, building Mylan's brand equity globally and, most importantly, realizing value from the New Mylan by delivering on our synergy targets."
Specific steps being taken to rationalize and optimize our global
manufacturing and research and development platforms include:
-- Discontinue manufacturing and R&D at Genpharm in Canada. The
Commercial Operations, Packaging Unit, Quality Control Laboratory,
Biopharm Department, Supply Chain Functions, and Regulatory Affairs at
|SOURCE Mylan Inc.|
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