The drug maker's generic EpiPin will sell for $300, half the cost of its branded product. The move comes amid criticism from the public and lawmakers over big price hikes. Fred Katayama reports.
Mylan caving under public pressure. The drug maker says it'll launch a cheaper, generic version of its EpiPen. That's the emergency injection used to treat allergic reactions that could cause death if untreated. Mylan will sell the generic for $300. That's half the price of its $600 branded product. This follows Mylan's move last week to cut patients' out-of-pockets costs of EpiPen. It was trying to calm outraged lawmakers and the public over what they saw as price gouging. EpiPens have grown 6 fold in price since Mylan acquired the drug in 2007. Mylan shares, which had fallen 8 percent over the last month, up in early trading. Calling the generic announcement a "smart move," Bernstein analyst Ronny Gal said, "There is some loss of revenue here, but given stock reaction, anything which will help alleviate the broader pressure should help the stock." Mylan says it'll launch the generic version in "several weeks."