C Citigroup Inc

Mylan NV on Monday said it would launch a generic alternative to EpiPen at a 50% discount after being criticized for dramatically raising the price of the lifesaving drug.

The company said it would list the authorized generic—which will be identical to the branded product—for $300 per two-pack carton. Mylan said it expects to launch the generic in "several weeks," after labeling revisions.

"We understand the deep frustration and concerns associated with the cost of EpiPen to the patient, and have always shared the public's desire to ensure that this important product be accessible to anyone who needs it," said Chief Executive Heather Bresch.

She said bypassing the brand system and offering an additional alternative was the best option "because of the complexity and opaqueness of today's branded pharmaceutical supply chain and the increased shifting of costs to patients as a result of high deductible health plans."

EpiPen, whose list price has climbed nearly 550% over eight years, dominates the more than $1 billion market to treat serious allergic reactions because of Mylan's effective marketing and lobbying, aggressive defense of its turf and the relatively high costs of manufacturing such sterile injections, analysts say.

A backlash over Mylan's pricing tactics is shedding light on its grasp of the market. On Thursday, after politicians, physicians and lawmakers criticized the price of EpiPen, Mylan offered to provide more financial help to patients, saying it would cover their insurance out-of-pocket costs up to $300, from $100 previously. It also said it would expand the number of low-income patients eligible to receive company subsidies.

Since acquiring the rights to sell EpiPen in late 2007, Mylan has increased the list price of a pack of two to $608.61.

Write to Anne Steele at Anne.Steele@wsj.com and Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com

(END) Dow Jones Newswires

August 29, 2016 07:55 ET (11:55 GMT)

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