News of pharmaceutical company Mylan's plans to introduce an identical generic version of EpiPen at half the cost caused a sharp selloff in the shares of Adamis Pharmaceuticals, a small drug company aiming to develop its own generic version of EpiPen, reports The Wall Street Journal.
Adamis shares rose more than 30 percent amid the EpiPen controversy last week, according to the article. However, the company’s shares were down 13 percent in early trading Monday, since it is now not likely it will reach the generic market before Mylan, the article states.
On Monday, Mylan said it will introduce an identical generic version of EpiPen with a wholesale list price of $300 for a pack of two, instead of more than $600 for the existing product. The decision came in response to public outrage over the EpiPen price hike.
Mylan has been the target of a flood of criticism from consumers, medical groups and politicians for raising the price of its brand name EpiPen, which is used to treat severe allergic reactions, by 400 percent since 2007.
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