Mylan Will Keep Dey Unit, But Move Facilities
Make a commentBy Ed Silverman // September 9th, 2008 // 8:01 am
After reviewing alternatives, the generic drugmaker has decided to keep the Dey specialty unit after all, but will shift its operations from Napa, California, to an East Coast location that has yet to be chosen. About 500 people work at Napa, but not all of the jobs will move. A Mylan spokesman could not provide a specific number of jobs to be eliminated.
In February, Mylan announced it would try to sell Dey, which specializes in nebulized respiratory treatments for severe allergy and was acquired as part of its purchase of Merck KGaA’s generics business last year. Mylan previously said it would take Dey longer than expected to see peak sales, estimating a 20-cent to 25-cent hit to its earnings-per-share in the next three years.
Here’s the Mylan statement…
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Dey, Mylan Laboratories