Mylan generic drugmaker launches breast cancer treatment
Jun 8, 2011
Generic drugmaker Mylan received a healthy surge in stock prices, following news that it would launch a breast cancer treatment equivalent to that of pharmaceutical giant Novartis' Femara.
In 2010, the drug in question generated a revenue of about $480 million. In 2008, the two companies reached a settlement concerning Mylan's production of a generic drug prior to Novartis' patent expiration. The settlement amount was not disclosed.
Mylan's stock price increased to $24.91 upon release of the news.
In the U.S. last year, more than 200,000 women were newly diagnosed with breast cancer. Treatments and drugs for breast cancer are a major source of revenue for pharmaceutical companies, and the use of generic drugs can often significantly lower costs for patients.
Women over the age of 40 should receive annual mammograms in order to detect breast cancer at the earliest onset.
Men can also develop breast cancer, although the rates are much lower - around 2,000 new cases per year.
Recent studies have also found that regular exercise and social interactions with friends are linked to lower death rates from cancer.