Mylan Faces Criticism from BMO After FDA Warning Letter to Agila
Mylan, Inc. (NASDAQ: MYL) shares took a 3+% hit today after BMO analyst David Maris commented that the FDA warning letter may issue an import ban on Agila products.
On September 9th, the FDA sent a warning letter to Mylan regarding the use of non-sterile gloves for aseptic processing in Agila's drug plant in Bangalore, India. BMO noted that Mylan's assessment of Agila's quality and the FDA's harsh critique should make investors question the company's credibility. Maris further questioned Mylan's due diligence on Agila.
Agila is reported to have hired the outside firm Lachman Consultants.
Mylan shares closed at 38.71 on Thursday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.