Mylan Slumps in After-Hours Trading on Generic Advair Update
Down goes Mylan.

Pounded. 

Mylan NV (MYL) said Wednesday, June 13, that the U.S. Food and Drug Administration "has identified minor deficiencies" that the agency will relay in a letter later this month regarding Mylan's application for a generic version of  GlaxoSmithKline plc's (GSK) asthma drug Advair.

The FDA will issue a complete response letter, which indicates that an application is not yet ready for approval, on June 27.

Shares of Mylan fell 4.3% to $39.90 in after-hours trading. GlaxoSmithKline's American Depository Receipts were up 2.5% to $42.15.

"Because our Abbreviated New Drug Application has received a priority designation, our approval could be received prior to the standard 90-day time period following the date of our response to the Complete Response Letter," Mylan said.

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