Mylan hit hard by generic Advair Diskus setback

30 March 2017

News that the company had received a complete response letter (CRL) from the US Food and Drug Administration (FDA) on its Abbreviated New Drug Application (ANDA) for a generic version of a big-selling asthma medication caused a 3% drop in the share price of Mylan (Nasdaq: MYL) on Wednesday.

The Netherlands-incorporated generic drugmaker closed at $40.35 and was sinking further in Thursday’s pre-market trading.

This followed the news of the setback to Mylan’s attempts to get to market with its generic of Advair Diskus (fluticasone propionate and salmeterol inhalation powder), which earned UK pharma major GlaxoSmithKline (LSE: GSK) $2.3 billion last year.

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