Genpharm will continue operation.
-- Discontinue manufacturing of non-high potency products at Mylan's
Puerto Rico location. High potency manufacturing operations will
remain and be expanded in Puerto Rico, creating a "center of
excellence" for high potency manufacturing at this facility.
-- Discontinue R&D activities at Gerard Laboratories in Ireland.
-- Discontinue R&D activities in Spain.
-- Scale down R&D activities at Generics UK.
Rajiv Malik, Executive Vice President and Head of Global Technical Operations, commented: "The actions announced today will allow us to leverage the scale of our expanded global assets and optimize our operations. We expect that our new streamlined, consolidated and integrated R&D and manufacturing platforms will not only deliver the promised synergies, but also enable us to even more effectively execute on the growth strategy for our global business."
Mylan announced today a number of key initiatives to enhance its
strategic focus, specifically:
-- Mylan has reached a definitive agreement with Forest Laboratories
whereby Mylan will sell its rights to Nebivolol, a FDA approved product
for the treatment of hypertension which is marketed by Forest under the
brand name Bystolic(TM). Mylan will receive a one-time cash payment
of $370 million and will retain royalties for the product through 2010.
-- Mylan will pursue strategic alternatives for Dey, including the
potential sale of the business, Mylan's specialty pharmaceutical
business acquired as part of the Merck Generics transaction. Dey is a
leader in the nebulized respiratory and severe allergy markets with
fully integrated capabilities in R&D, manufacturing and marketing and
-- The Board of Directors of Mylan's majority owned subsidiary, Matrix
|SOURCE Mylan Inc.|
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