Mylan and King announce merger is off
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.