Shares of Community Health Systems (NYSE:CYH) ended Monday session in red amid volatile trading. The shares closed down -0.59 points or -5.48% at $10.17 with 5.12 million shares getting traded. Post opening the session at $10.80, the shares hit an intraday low of $10.00 and an intraday high of $10.83 and the price vacillated in this range throughout the day. The company has a market cap of $1.12 billion and the numbers of outstanding shares have been calculated to be 113.64 million shares.
Community Health Systems (CYH) on September 19, 2016 announced that the Company, with the assistance of advisors, is exploring a variety of options with financial sponsors, as well as other potential alternatives.
The discussions are at a very preliminary stage and there is no timeline established for this review. There can be no certainty that the exploration will result in any kind of transaction. The Company does not expect to make further public comment regarding these matters while the exploration process takes place.
“Community Health Systems’ primary focus continues to be on delivering high-quality health services in the communities where we operate,” said Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc. “Our management team is completely committed to efforts that advance clinical excellence, operational and financial performance and growth strategies that will benefit our organization and the customers we serve.”
Shares of Mylan NV (NASDAQ:MYL) ended Monday session in green amid volatile trading. The shares closed up +0.65 points or 1.58% at $41.91 with 4.17 million shares getting traded. Post opening the session at $41.05, the shares hit an intraday low of $40.92 and an intraday high of $42.07 and the price vacillated in this range throughout the day. The company has a market cap of $22.42 billion and the numbers of outstanding shares have been calculated to be 534.91 million shares.
Mylan NV (MYL) on Aug. 29, 2016 announced that its U.S. subsidiary will launch the first generic to EpiPen® Auto-Injector (epinephrine injection, USP) at a list price of $300 per generic EpiPen® two-pack carton, which represents a discount of more than 50% to the Mylan list price, or wholesale acquisition cost (“WAC”), of the branded medicine. The authorized generic will be identical to the branded product, including device functionality and drug formulation. Mylan expects to launch the product in several weeks, pending completion of labeling revisions. Upon launch, the product will be available as a two-pack carton in both 0.15 mg and 0.30 mg strengths. Mylan also intends to continue to market and distribute branded EpiPen®.
Mylan CEO Heather Bresch commented, “We understand the deep frustration and concerns associated with the cost of EpiPen® to the patient, and have always shared the public’s desire to ensure that this important product be accessible to anyone who needs it. Our decision to launch a generic alternative to EpiPen® is an extraordinary commercial response, which required the cooperation of our partner. However, because of the complexity and opaqueness of branded pharmaceutical supply chain and the increased shifting of costs to patients as a result of high deductible health plans, we determined that bypassing the brand system in this case and offering an additional alternative was the best option. Generic drugs have a long, proven track record of delivering significant savings to both patients and the overall healthcare system. The launch of a generic EpiPen®, which follows the steps we took last week on the brand to immediately reduce patients’ out-of-pocket costs, will offer a long-term solution to further reduce costs and ease the burden and complexity of the process on the patient.”