Mylan Laboratories and King Pharmaceuticals have mutually agreed to terminate the agreement pursuant to which Mylan was to acquire King. Following discussions, the companies were not able to agree upon terms for a revised transaction.
Mylan, a Pittsburgh-based generic drug maker, had made a $4 billion all-stock offer in July to buy King. Mylan had a chance to negotiate new terms when King announced recently that it would have to restate earnings for 2002, 2003 and the first six months of 2004.
Mylan announced Friday a delay in any approval to market the company's blood pressure medication Nebivolol, a key part of the proposed King acquisition. The FDA had asked for a new presentation of Mylan's clinical data on more than 2,000 patients with high blood pressure, which could result in a delay of up to 90 days.