It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Generic drugmaker Mylan, which has been under fire for price hikes on the life-saving EpiPen allergy treatment, said on Wednesday that it expected to cut less than 10 percent of its workforce in a restructuring to integrate acquisitions.
Mylan, whose shares were down more than 3 percent in mid-afternoon trading, has been under investigation by the U.S. government, and its chief executive officer was called before Congress to testify on raising the price of a pair of EpiPens to more than $600 from $100 in 2008.
After Mylan acquired EpiPen the company also amped up its lobbying efforts. In 2008, its reported spending on lobbying went from $270,000 to $1.2 million,
The company said in October that it would pay $465 million to settle questions on the impact of the classification on U.S. government healthcare costs.
Proxy filings show that from 2007 to 2015, Mylan CEO Heather Bresch's total compensation went from $2,453,456 to $18,931,068, a 671 percent increase. During the same period, the company raised EpiPen prices, with the average wholesale price going from $56.64 to $317.82, a 461 percent increase, according to data provided by Connecture.
After Mylan acquired EpiPen the company also amped up its lobbying efforts. In 2008, its reported spending on lobbying went from $270,000 to $1.2 million,