On Monday, Shares of Mylan NV (NASDAQ:MYL), added 8.15% and closed at $38.87 in the last trading session. The last trading range of the stock ranges between $38.71 and $40.45. The company’s Market capitalization is $20.79 Billion with the total Outstanding Shares of 534.91 Million. During the 52-week trading session the minimum price at which share price traded, registered at $35.58 and reached to max level of $55.51. Mylan N.V. (NASDAQ, TASE: MYL) recently declared that its partner, Mylan Inc., has agreed to the terms of a $465 million settlement with the U.S. Department of Justice (“DOJ”) and other government agencies that will resolve questions that have been raised about the classification of EpiPen® Auto-Injector and EpiPen Jr® Auto-Injector (collectively, “EpiPen Auto-Injector”) for purposes of the Medicaid Drug Rebate Program.
The terms of the settlement do not provide for any finding of wrongdoing on the part of Mylan Inc. or any of its associated entities or personnel. The question in the underlying matter was whether EpiPen Auto-Injector was properly classified with the Centers for Medicaid and Medicare Services (“CMS”) as a non-innovator drug under the applicable definition in the Medicaid Rebate statute and subject to the formula that is used to calculate rebates to Medicaid for such drugs. EpiPen Auto-Injector has been classified with CMS as a non-innovator drug since before Mylan attained the product in 2007 based on longstanding written guidance from the federal government.
The settlement terms provide for resolution of all potential rebate liability claims by federal and state governments as to whether the product should have been classified as an innovator drug for CMS purposes and subject to a higher rebate formula. In connection with the settlement, Mylan anticipates to enter into a corporate integrity agreement with the Office of Inspector General of the Department of Health and Human Services. Mylan will continue to work with the government to finalize the settlement.
Calpine Corporation (NYSE:CPN), jumped 4.78% and closed at $13.15 in the last trading session. The last trading range of the stock ranges between $12.66 and $13.19. The company’s Market capitalization is $4.80 Billion with the total Outstanding Shares of 359.14 Million. During the 52-week trading session the minimum price at which share price traded, registered at $11.53 and reached to max level of $16.59. Calpine Corporation (CPN) declared recently that it has reached a contract to purchase Noble Americas Energy Solutions, LLC (NAES), the nation’s leading independent supplier of power to commercial and industrial retail customers, for a purchase price of $800 million plus an estimated $100 million of net working capital at closing. Calpine anticipates to recover about $200 million through collateral synergies and the runoff of attained legacy hedges, substantially within the first year, resulting in expected net cash deployed of about $700 million (counting working capital), or about five times NAES’ recent and expected run-rate Adjusted EBITDA.
“We are excited to be acquiring the best commercial and industrial direct energy sales platform in the U.S. The acquisition of this well-regarded organization known for providing sophisticated customers with highly customized products is a natural fit with Calpine’s customer-centric culture and will allow us to build upon the success we have practiced since our entry into retail last year through the Champion Energy platform,” said Thad Hill, Calpine’s President and Chief Executive Officer. “In addition to expanding our retail customer sales channels and product offerings, we will more than double the volume of retail load we are capable of serving across the country from our complementary wholesale power generation fleet.