Mylan President Targeted In Generic Drug Pricing Probe

(RTTNews) - Mylan (MYL) said that it has "found no evidence of price fixing on the part of Mylan or its employees" and that it "has deep faith in the integrity of its President, Rajiv Malik, and stands behind him fully."

Earlier today, Bloomberg report that Mylan president Rajiv Malik was the target of a civil investigation by many states into alleged generic drug price collusion.

Mylan issued statement in response to the announcement of proposed amendments to the civil complaint by various states' attorneys general in multi-district litigation pending in the U.S. District Court for the Eastern District of Pennsylvania against Mylan and 17 other pharmaceutical companies.

Mylan said, "We have been investigating these allegations thoroughly and have found no evidence of price fixing on the part of Mylan or its employees. Our review of the ConnecticutAttorney General's press release underpinning the complaint does not change our views. We have asked the various attorneys general leading this case to share with us what information they believe supports these new allegations and, to date, they have not done so. Mylan has deep faith in the integrity of its President, Rajiv Malik, and stands behind him fully. Mylan and Rajiv Malik both intend to defend this case vigorously, and we look forward to the opportunity to present a full defense."