EpiPen maker Mylan hires banks for debut euro bond
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FILE PHOTO -- EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo
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By Michael Turner
LONDON (IFR) - Mylan has hired banks for a euro-denominated multi-tranche debut euro bond, a day after the under-fire drugmaker announced it would launch a generic version of its EpiPen allergy injection at half the price.
The company has mandated Deutsche Bank, Citigroup, ING and JP Morgan to host a series of investor meetings in Europe from September 7-9.
The company has been under pressure from US lawmakers and presidential candidate Hillary Clinton for increasing the price of a two-cartridge EpiPen set from around US$100 in 2008 to US$600 today.
"That's outrageous," Clinton said in a statement on her website. "It's just the latest troubling example of a company taking advantage of its consumers."
Mylan bosses have sought to deflect some of the criticism by announcing on Monday the impending release of a generic version of the drug, which will be sold at US$300.[nL3N1BA37U]
The Reg S benchmark transaction will be issued by Mylan NV and guaranteed by Mylan Inc.
While this will be Mylan NV's first foray into the euro bond market, the issuer has US$11.43bn of debt outstanding, almost all in US dollars, according to Thomson Reuters data.
Mylan is rated Baa3 by Moody's and BBB- by S&P and Fitch, all with stable outlooks.
(Reporting by Michael Turner, Editing by Helene Durand, Julian Baker)
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