Needham & Company Maintains a 'Strong Buy' on Mylan (MYL); Likely Shared Exclusivity Slot Could Result in Upside Scenarios Following IPXL News
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Price: $15.86 --0%
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 9 | New: 8
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 9 | New: 8
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Needham & Company maintains a 'Strong Buy' on Mylan (NASDAQ: MYL), PT $29.
Needham analyst says, "In the midst of trying to determine the impact to MYL, if any, from all the buzz surrounding Impax Labs’ (IPXL-Hold) disclosure of an FDA warning letter which in theory appears to jeopardize IPXL’s expected exclusivity positioning on generic Doryx 150mg, a ~$200.0MM dermatology agent marketed by Warner Chilcott (Nasdaq: WCRX)(Hold-rated), we have come to the conclusion that our initial read, an IPXL exclusivity forfeiture based on inability to obtain tentative approval before June 19, 2011 could bring forward a MYL launch, may have somewhat underestimated the potential upside scenario for MYL. We now have reason to believe that perhaps IPXL never was a true “first-filer” and at best was merely in a “shared’ exclusivity position with Mylan. Previous thinking was that IPXL had filed its paragraph IV ANDA sometime before MYL given that WCRX filed suit against IPXL in early March 2009 and against MYL in early May 2009."
For more ratings news on Mylan click here and for the rating history of Mylan click here.
Shares of Mylan closed at $22.42 yesterday.
Needham analyst says, "In the midst of trying to determine the impact to MYL, if any, from all the buzz surrounding Impax Labs’ (IPXL-Hold) disclosure of an FDA warning letter which in theory appears to jeopardize IPXL’s expected exclusivity positioning on generic Doryx 150mg, a ~$200.0MM dermatology agent marketed by Warner Chilcott (Nasdaq: WCRX)(Hold-rated), we have come to the conclusion that our initial read, an IPXL exclusivity forfeiture based on inability to obtain tentative approval before June 19, 2011 could bring forward a MYL launch, may have somewhat underestimated the potential upside scenario for MYL. We now have reason to believe that perhaps IPXL never was a true “first-filer” and at best was merely in a “shared’ exclusivity position with Mylan. Previous thinking was that IPXL had filed its paragraph IV ANDA sometime before MYL given that WCRX filed suit against IPXL in early March 2009 and against MYL in early May 2009."
For more ratings news on Mylan click here and for the rating history of Mylan click here.
Shares of Mylan closed at $22.42 yesterday.
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