CANONSBURG, Pa. — Mylan NV, with business offices in Canonsburg, Pa. and a manufacturing plant in Morgantown, W.Va., has agreed to the $50 million purchase of Cold-EEZE.
Cold-EEZE, owned by ProPhase Labs, produces zinc-based throat care products.
ProPhase Labs will maintain its manufacturing facility in Lebanon, Pa.
As reported by philly.com, the last annual report for ProPhase shows the company “has sales of around $20 million a year, and has lost money (on a net-income basis) in 8 of the past 10 years.”
In December 2016, Mylan Pharmaceuticals confirmed plans to trim less than 10 percent of its global workforce including several non-union positions in Morgantown.
Non-union employees were given a Dec. 13 deadline to accept severance packages or re-apply for their jobs.
Mylan recently agreed to a $465 million settlement with the U.S. Department of Justice over its EpiPen product. The price of of the auto-injector and the EpiPen Jr. has increased more than 500 percent in nine years. Mylan CEO Heather Bresch was grilled by House Oversight and Government Reform Committee on Capitol Hill in September over the price hike that coincided with her own salary increase that went up at a similar rate.
The company has since announced a cheaper, generic version of the EpiPen.