Biocon and Mylan have had a long-standing partnership in the global biosimilars space with a strong position in the industry. The partnership includes six biosimilar programs (Trastuzumab, Pegfilgrastim, Adalimumab, Bevacizumab, Etanercept and Filgrastim).
Mylan has been thrown into crisis with its incumbent board and CEO in trouble. The advisory firm Institutional Shareholder Services (ISS)has recommended that Mylan’s shareholders vote to oust the company's incumbent board of directors following the damaging EpiPen scandal - where it raised the price of the product from $100 to $600 - and exorbitant executive salaries.
ISS said in its report that the price gouging by the incumbent board has led to “significant destruction in shareholder value” and “long-term reputational damage". It has urged shareholders to try to oust ten Mylan director nominees, including Chief Executive Heather Bresch, President Rajiv Malik, and Chairman Robert Coury, as well as the compensation committee members.
“All incumbent directors should be considered accountable for material failures of risk oversight over a number of years, when warning signs were available to the company but no actions appear to have been taken,” the firm concluded. The shareholder vote is set to take place during a June 22 meeting in Amsterdam.