EpiPen maker Mylan hires banks for debut euro bond

By Michael Turner

LONDON (IFR) - Mylan has hired banks for a euro-denominated multi-tranche debut euro bond, a day after the under-fire drugmaker announced it would launch a generic version of its EpiPen allergy injection at half the price.

The company has mandated Deutsche Bank, Citigroup, ING and JP Morgan to host a series of investor meetings in Europe from September 7-9.

The company has been under pressure from US lawmakers and presidential candidate Hillary Clinton for increasing the price of a two-cartridge EpiPen set from around US$100 in 2008 to US$600 today.

"That's outrageous," Clinton said in a statement on her website. "It's just the latest troubling example of a company taking advantage of its consumers."

Mylan bosses have sought to deflect some of the criticism by announcing on Monday the impending release of a generic version of the drug, which will be sold at US$300.[nL3N1BA37U]

The Reg S benchmark transaction will be issued by Mylan NV and guaranteed by Mylan Inc.

While this will be Mylan NV's first foray into the euro bond market, the issuer has US$11.43bn of debt outstanding, almost all in US dollars, according to Thomson Reuters data.

Mylan is rated Baa3 by Moody's and BBB- by S&P and Fitch, all with stable outlooks.

(Reporting by Michael Turner, Editing by Helene Durand, Julian Baker)