Needham & Company Maintains a 'Strong Buy' on Mylan (MYL); Detrol LA Settlement Provides Small Dose of Certainty

Needham & Company maintains a 'Strong Buy' on Mylan (NASDAQ: MYL) price target of $33.00.

Analyst, Elliot Wilbur, said, "MYL announced a patent litigation settlement with Pfizer (NYSE: PFE)(not rated) covering its generic fling for Detrol LA, a $400.0MM agent for treatment of overactive bladder. Terms of the agreement enable a MYL launch between Jan. 2014-March 2014 and provide for provision of PFE manufactured product should MYL not obtain approval. Competitor Impax Labs (Nasdaq: IPXL)(Hold) recently announced a settlement with PFE on its generic Detrol LA application and while terms were not disclosed, we would assume market entry would be on essentially the same time line as MYL. The first-to-file generic in the Detrol LA picture, Teva Pharma (Nasdaq: TEVA)(Hold) has also settled outstanding litigation with PFE on its filing though terms of the settlement and potential launch dates have not been disclosed. It also remains unclear as to whether Teva can protect its 180-day exclusivity status given its first-to-file position."

For an analyst ratings summary and ratings history on Mylan click here. For more ratings news on Mylan click here.

Shares of Mylan closed at $24.06 yesterday.

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