Mylan CEO Heather Bresch's father sponsored a bill that made it easier for generic drugs to be substituted back in 1986. This helped Mylan become the largest generic manufacturer.
Shares of the biotech, which researches cancer drugs, were up nearly 30% ahead of market's open.
As Walgreens Boots Alliance's WBA acquisition of Rite Aid nears FTC approval, Fred's has added several directors with retail experience to its board.
The move comes just days after Bill Ackman's Pershing Square exited the stock.
Shares of Insys Therapeutics INSY tumbled Thursday after the company revealed that it would be reporting fourth quarter earnings later than expected thanks to delays from its audit committee.
Universal Health Services and Acadia Healthcare stand to benefit from the proposal.
Bill Ackman's Pershing Square took a $2.8 billion loss on the investment.
The Chinese investment firm has a 13.74% stake in the debt-laden hospital system.
The company's shares lost more than 10% of their value this week, though they rebounded on Friday.
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