type public under dutch law traded as nasdaq myl tase myl nasdaq 100 component nasdaq biotechnology index component s & p 500 component isin us6285301072 industry pharmaceuticals founded 1961 ; 55 years ago 1961 in white sulphur springs west virginia united states founders milan puskar don panoz headquarters canonsburg pennsylvania united states of america area served worldwide key people heather bresch ceo products generic and specialty pharmaceuticals and active pharmaceutical ingredients revenue us 9.42 billion 1 2015 operating income us 830.1 million 2015 net income us 4.216 billion 2015 total assets us 22.267 billion 2015 total equity us 9.765 billion 2015 number of employees 35 000 1 2015 divisions see operations subsidiaries meda famy care website www.mylan.com mylan n.v. is an american global generic and specialty pharmaceuticals company registered in the netherlands principal executive offices in hatfield uk and global headquarters canonsburg pennsylvania . 2 in 2007 mylan acquired a controlling interest in india based matrix laboratories limited a top producer of active pharmaceutical ingredients apis for generic drugs 3 and the generics business of germany based merck kgaa . 4 through these acquisitions mylan grew from the third largest generic and pharmaceuticals company in the united states to the second largest generic and specialty pharmaceuticals company in the world . 5 in 2016 mylan s pricing of the epipen an epinephrine autoinjector became controversial and was widely referred to as price gouging . as a result investigations were opened into whether mylan had misclassified the epipen under the medicaid drug rebate program a common form of pharmaceutical fraud . in october 2016 mylan settled these investigations with the u.s. department of justice agreeing to pay 465 million and enter into a corporate integrity agreement concerning the rebate program . contents 1 operations 2 location 3 stock 4 history 4.1 acquisition history 5 criticism 5.1 epipen pricing 5.2 execution drugs 6 references 7 external links operations edit mylan inc. operates several divisions and subsidiaries in north america mylan operates mylan pharmaceuticals based in morgantown west virginia mylan pharmaceuticals ulc mylan canada mylan technologies inc. mti transdermal drug delivery systems tdds and related technologies 6 udl laboratories inc. somerset pharmaceuticals inc. a research and development company in tampa florida owned by mylan . somerset develops emsam manufactured by mylan technologies and marketed in the united states by dey another mylan company 7 8 in the asia pacific region mylan operates 9 mylan new zealand limited new zealand mylan laboratories limited headquartered in hyderabad india ; operates nine active pharmaceutical ingredient api and intermediate manufacturing facilities located in india and china 10 mylan seiyaku ltd. japan alphapharm australia agila specialties pvt. ltd. india oncotherapies ltd. india in europe the middle east and africa mylan operates 9 operates under the mylan name in austria belgium the czech republic denmark finland france germany hungary italy the netherlands norway poland portugal slovakia slovenia spain sweden switzerland the united kingdom . also operates in south africa . arcana arzneimittel gmbh germany 11 generics pharma hellas greece 12 gerard laboratories ireland 13 qualimed trademark in france but will stop being marketed under the brand name 14 docpharma generic pharmaceutical distribution company in belgium the netherlands and luxembourg mylan laboratories limited campos dos goytacazes brasil . location edit mylan pharmaceuticals was founded in 1961 as milan pharmaceuticals by milan puskar and don panoz in white sulphur springs west virginia . 15 the company moved to morgantown west virginia in 1965 and in 1976 it relocated its corporate headquarters to the pittsburgh suburb canonsburg pennsylvania and finally in 2004 it moved to a new office center in nearby southpointe a suburban business park located in cecil township where it is still located . 16 stock edit on february 23 1973 mylan had its initial public offering ipo 17 becoming a publicly traded company on the otc market under the ticker symbol myln . in 1976 the stock moved to nasdaq . their final stock move was in 1986 when their stock became available for trade on the new york stock exchange under the ticker symbol myl . currently the stock is traded on the nasdaq . history edit the company was founded in 1961 by milan puskar as a drug distributor ; 1966 mylan began manufacturing penicillin g tablets as well as vitamins and other dietary supplements . 15 18 puskar quit the company in 1973 as it grew and experienced financial difficulties ; the board hired roy mcknight as board chairman who convinced puskar to return in 1976 . 18 mylan discontinued operating as a contract manufacturing organization in 1980 and instead chose to market their products under their own mylan labeled brand . citation needed with the passage of the hatch waxman act in 1984 mylan and other small generic companies gained value ; in the eighteen months following passage of the law mylan s earnings grew 166 % to 12.5 million and its stock value rose 800 % . 19 in the 1980s one of the most prescribed drugs in the us was dyazide a diuretic that was a combination drug containing triamterene and hydrochlorothiazide ; it had been on the market since 1965 and its patents had expired in 1980 . 20 complications arose with the introductions of generics versions because the formulation of dyazide resulted in variable batches that made it impossible for generic manufacturers to show that their versions were bioequivalent . 21 22 some generic companies committed fraud trying to bring a generic version of dyazide . bolar pharmaceutical had the first generic version approved in 1987 20 but it turned out that bolar had fraudulently substituted dyazide for its own version to conduct studies that were submitted to the fda by 1989 the fda rescinded its approval based on its suspicions and filed criminal charges against bolar to which bolar eventually pled guilty in 1991 . 23 24 25 mylan chose to develop a new version of a triamterene hydrochlorothiazide combination drug instead of going the generic route ; it developed a different more stable formulation 22 and used different dosages of each active ingredient 50 mg hydrochlorothiazide and 75 mg triamterene compared with dyazide s 25 mg hydrochlorothiazide and 50 mg triamterene . 26 this drug had to get approval as a new drug as opposed to a generic ; their product was called maxzide and was approved in 1984 . 26 27 the higher dose allowed once per day dosing which mylan and its marketing partner lederle believed would help it compete against dyazide which had 210m in sales in 1983 . 26 however mylan s patents on the drug were declared invalid in court and its marketing exclusivity expired in 1987 prompting a rush of generic competition 28 mylan had concerns about the practices of its competitors and the fda in general and also with regard to companies seeking to bring generic versions of maxzide . mylan hired private investigators to examine its competitors practices and when it found evidence of corruption it submitted it to the house oversight and investigations committee which investigated and found fraud and corruption within the food and drug administration s generic drugs division and at other generic companies . 18 two of the companies that had gotten approval to market generic versions of maxzide vitarine pharmaceutical and par pharmaceutical were targets of mylan s initial investigation and were found to have used mylan s maxzide to obtain their bioequivalence data leading both companies to withdraw its generic competitor to mylan s product . 18 29 the corruption in the nascent generics industry and at the office in the fda regulating it was widely covered in the media and led to widespread concern among doctors and the public in the late 1980s and early 1990s that generic drugs were not really the same as the branded drugs they were meant to replace . 23 30 31 in 1987 mylan agreed to enter into a joint venture with bolar to buy somerset pharmaceuticals ; mylan wanted access to somersets drug discovery capabilities as well as its new drug for parkinson s selegiline ; the deal was completed in 1988 but its consummation was dependent on fda approval of selegiline which came in 1989 . 18 32 33 mylan acquired bertek inc. in 1993 for its transdermal patch technologies and kept as a subsidiary ; in 1999 mylan renamed the company mylan technologies inc. mti . 34 mti eventually came to be the contract manufacturer for the selegiline transdermal patch and was the first company to market generic nitroglycerin estradiol clonidine and fentanyl transdermal patches . 34 mylan acquired udl laboratories a supplier of unit dose generic medications to institutional and long term care facilities in 1996 . 35 in 1998 when it was the world s second largest generics company mylan came under investigation from the federal trade commission after it raised the prices of its products tripling them in the case of lorazepam ; mylan had entered into an exclusive agreement with profarmica an italian company that supplied drug ingredients after which mylan s competitors had higher prices and a diminished supply of raw ingredients for lorazepam and other drugs . 36 before the round of price increases the price of generic drugs had been 5 10 % of the price of branded drugs and afterwards it was around 50 % . 36 the ftc filed suit at the end of 1998 and 32 states filed parallel actions ; the case was settled in 2000 with mylan paying a total of 147m 100m in disgorged profits into a fund to reimburse consumers and state agencies that had overpaid 8 million in attorney s fees to the state attorneys general 35 million plus 4 million in attorney s fees to settle certain class actions with insurers and managed care organizations and mylan and three ingredient suppliers cambrex corporation profarmaco s.r.l. and gyma laboratories also agreed to an injunction barring them from entering into similar anticompetitive agreements in the future . 37 38 in 2004 mylan and king pharmaceuticals began discussing a deal in which mylan would acquire king for about 4b ; mylan wanted to expand its presence in branded pharmaceuticals and to acquire king s sales force . 39 the deal became one of the business soap operas of the year and included an sec investigation into king s accounting and carl icahn obtaining a 9.8 % interest in mylan and becoming its largest stakeholder in order to kill the deal ; the parties called off the deal in february 2005 . 39 icahn offered to buy mylan for 5.4 b 40 and ran a slate of board members to change the direction of mylan ; he won three seats in may 2005 . 41 in june mylan bought back 25 % of its shares in order to fend off icahn ; 42 and in july icahn gave up his bid and sold his shares . 43 in august 2006 mylan announced that it had reached agreement to buy a controlling interest in matrix laboratories an indian supplier of active pharmaceutical ingredients ; the deal gave mylan access to markets in india and china and was completed in january the next year . 44 45 in may 2007 mylan and merck kgaa agreed that mylan would acquire merck s generics arm for 6.6 b ; the deal was completed that october and tripled the size of mylan . 46 47 mylan acquired the rights to market the epipen in the transaction ; at that time annual sales were around 200 million 48 and the epipen had about 90 % of the market . 49 in 2009 the company filed two lawsuits against the pittsburgh post gazette after the newspaper ran an article that was critical of the quality control procedures used at the company s morgantown plant . 50 51 the company had earlier quality control issues involving the fda . 52 the lawsuits were dropped in 2012 without any damages paid by