Sen. Manchin’s Daughter In Hot Water With Investors
Investors in Mylan, the maker of the EpiPen, an epinephrine auto-injection device, are starting to get angry with the company’s executive leadership and are letting their voices be heard, according to vote tallies from Mylan’s June 22 shareholder meeting.
Mylan made headlines in August 2016, when officials discovered that the company’s CEO, Heather Bresch, daughter of Sen. Joe Manchin, raised the price of EpiPens by 461 percent since acquiring the drug in 2007. When Mylan originally purchased rights to the device, the consumer cost of the drug was just $56.64. By 2015, Bresch had spiked the price to $317.82. The price of the epinephrine inside the EpiPen is $1. (RELATED: Mylan EpiPen Maker Faces Antitrust Investigation)
The company also faces two lawsuits alleging that it colluded with Sun Pharmaceuticals to gouge consumers for a generic pill used to treat asthma and other respiratory problems. (RELATED: Mylan In Trouble Again For Price Gouging)
Some 83 percent of shareholders voted against Mylan’s executive compensation proposals, according to vote records. The vote is not a binding agreement, meaning that executives at the company can choose to ignore it.
A majority of shareholders, or 56 percent, were against Wendy Cameron, the chair of Mylan’s compensation committee.
Bresch had over a quarter of shareholders vote against her.
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