BUZZ-Mylan options busy as Advair generic decision awaited

** Mylan (Hamburg: 27249935.HM - news) options busy in bullish trading as investors await an FDA decision on Tues. for the co's Advair generic; shares flat at $41.71

** Mylan hopes to secure approval for the first substitutable generic of GSK's top-selling Advair lung drug by March 28

** "While we believe the likelihood of an on-time approval is low, given FDA track record, we see asymmetric upside risk if FDA grants approval on Tues.," Goldman Sachs (NYSE: GS-PB - news) analysts said in note on Mon.

** Options market is pricing in less than 15 pct chance Mylan's Advair generic is approved this week, GS says

** On Tue., 20k MYL (Shanghai: 600993.SS - news) options traded, or 1.6x the avg daily volume; trading sentiment leans bullish with Apr 43 calls the most actively traded options with 3.7k contracts traded, according to Trade Alert data

** Spike in near-term expectation for a large move in MYL shares; MYL 30-day ATM implied volatility at near 7-week high of 37.26 pct, per Trade Alert data

** MYL call options also drew heavy trading on Mon.; MYL shares up 9.4 pct for the ytd