New York AG Schneiderman Begins Antitrust Investigation into Mylan (MYL) Over EpiPen Pacts
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(Updated - September 6, 2016 12:42 PM EDT)
New York Attorney General Eric T. Schneiderman launches antitrust probe into Mylan (NASDAQ: MYL) on EpiPen ,according to Bloomberg. The AH claims Mylan may have inserted anticompeititve terms into EpiPen pacts, citing contracts with local school systems.
UPDATE - The full press release follows:
Today, Attorney General Eric T. Schneiderman announced his office has commenced an investigation into Mylan Pharmaceuticals Inc, the maker of EpiPens. A preliminary review by the Office of the Attorney General revealed that Mylan Pharmaceuticals may have inserted potentially anticompetitive terms into its EpiPen sales contracts with numerous local school systems. Mylan’s EpiPen is the predominant epinephrine autoinjector—a device and drug used in cases where an individual suffers a severe allergic reaction, which could otherwise lead to death—in the U.S. market.
“No child’s life should be put at risk because a parent, school, or healthcare provider cannot afford a simple, life-saving device because of a drug-maker’s anti-competitive practices,” Attorney General Eric T. Schneiderman said. “If Mylan engaged in anti-competitive business practices, or violated antitrust laws with the intent and effect of limiting lower cost competition, we will hold them accountable. Allergy sufferers have enough concerns to worry about—the availability of life-saving medical treatment should not be one of them. I will bring the full resources of my office to this critical investigation.”
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