June 7 Mylan NV defended Chairman Robert
Coury's role to ISS this week as the influential proxy firm
prepares to advise shareholders on how they should vote on the
re-election of Coury and other directors, according to a letter
the drugmaker released on Wednesday.
New York City and State pension funds and the California
Teachers' Retirement System are urging shareholders to vote on
June 22 against Coury and five other directors because of the
board's oversight of Coury's high pay package and issues related
to its EpiPen emergency allergy treatment business and its
The investors, who hold 4.3 million shares, said Mylan
walked away from a deal with rival Teva International Industries
Ltd in 2015, causing shares to lose value.
Mylan met with ISS on Monday and discussed the role of Coury
in growing the company, according to the letter, and defended
his compensation, which was more than $97 million in 2016.
Mylan also defended its dealings with Teva, saying it
"never" received an offer from the Israeli drugmaker.
Teva said in an open letter in April 2015 it would pay $82
per share in cash and stock, and Coury responded in a letter to
Teva that the offer was too low and that the starting point for
discussions was $100 per share.
Teva walked away in July 2015 after reaching a $40 billion
deal for Allergan Plc's generic unit. Mylan shares rose
0.5 percent to $38.74 on Wednesday.
Mylan has been the subject of federal and state
investigations and agreed last fall to pay $465 million to
settle U.S. Justice Department allegations it overcharged the
government for EpiPens, although the agreement has not been
Last week, a government agency put out a report saying that
Mylan may have overcharged the government by $1.27 billion.
(Reporting by Caroline Humer in New York; Editing by Jeffrey