Mylan (MYL) Recovers After Accusations Prove Unfounded
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After dropping 12.6% yesterday on manufacturing concerns, shares of Mylan Inc. (Nasdaq: MYL) are up 8% today after the company said the FDA has determined that all accusations were unfounded.
The firm said it contacted the FDA over the weekend to bring attention to a recent news article. As a result, the FDA visited the company's Morgantown, W.Va., manufacturing facility Monday morning and has determined that the baseless accusations in the article were unfounded. The FDA noted there was no evidence of any data deletion. All data was reviewed and was present and accounted for; the Agency agreed that this was a minor Standard Operating Procedures (SOP) deviation that existed, was fully investigated, and all corrective actions were fully implemented by Mylan.
The firm said it contacted the FDA over the weekend to bring attention to a recent news article. As a result, the FDA visited the company's Morgantown, W.Va., manufacturing facility Monday morning and has determined that the baseless accusations in the article were unfounded. The FDA noted there was no evidence of any data deletion. All data was reviewed and was present and accounted for; the Agency agreed that this was a minor Standard Operating Procedures (SOP) deviation that existed, was fully investigated, and all corrective actions were fully implemented by Mylan.
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