alternatives for Docpharma, its commercial operations in the Benelux
region (Belgium, the Netherlands and Luxemburg), including a potential
divestiture of the asset.
-- Mylan has exercised its option with respect to Merck Generics'
operations in Central and Eastern Europe, including such high-growth
markets as Poland, Slovakia, Hungary, the Czech Republic and Slovenia.
Mr. Coury commented: "After conducting a further review of our global portfolio of businesses following the completion of the Merck Generics acquisition, we have decided to pursue several initiatives that will allow us to leverage the power of our global generics platform, focus on the successful
execution of our integration, and meet our commitments to de-levering our balance sheet."
"More specifically, during our recent post-closing review of Dey, it became clear that the launch of Perforomist(TM), which occurred concurrently with the closing of the Merck Generics acquisition, requires a redefined strategic approach. While Dey is already in the process of addressing this issue, the delay will result in slower growth and a longer timeframe to reach peak sales than was originally anticipated from this product. While we continue to believe that the Dey business, as a whole, represents a very exciting opportunity in specialty pharmaceuticals, we believe that our resources would be better allocated toward our core generics business. As a result, we have decided to consider a sale of Dey."
The slower than expected launch of Perforomist(TM) is expected to have approximately a $0.20 to $0.25 negative impact on Mylan's diluted earnings per share in 2008, 2009 and 2010. Although the Company is not in a position to update or revise guidance at this time, it will do so in conjunction with its 2008 first quarter earnings announcement.
Mr. Coury said: "Notwithstanding the timin
|SOURCE Mylan Inc.|
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