BUZZ-Mylan NV: To reduce EpiPen's cost

Thu Aug 25, 2016 12:39pm EDT
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** Generic drug maker's shares rise as much as 4.6 pct before paring its gains to trade up 0.5 pct at $43.39

** Mylan said it would reduce the out-of-pocket cost of its severe allergy treatment EpiPen through a discount program, a day after Democratic Presidential candidate Hillary Clinton joined lawmakers in criticizing the drug's high price

** Clinton's spokesman says "discounts for selected customers without lowering the overall price of EpiPens are insufficient"

** Co said it would reduce the patient cost of EpiPen through the use of a savings card, which will cover up to $300 of EpiPen 2-Pak

** Other specialty drugmakers such as Mallinckrodt and Valeant Pharmaceuticals rise, while pharmacy benefit managers CVS Health and Express Scripts slump

** While the PBMs are realizing some of the benefits from these price increases, much is being passed along to their clients in our view - Leerink analysts write

** Up to Wednesday's close, Mylan had fallen 20.2 pct YTD and fell 9.2 pct after the price hike scrutiny for EpiPen