New York Attorney General Eric Schneiderman Getty Images

School's back in session — and Mylan could be headed to the principal's office. New York state's attorney general on Tuesday opened an investigation into the pharmaceuticals giant, focused on its contracts with local school systems to buy its lifesaving EpiPens. The skyrocketing price of those auto-injection devices, used to counteract potentially fatal allergic reactions, has drawn intense criticism of the company this summer.

Mylan NV EpiPen 2-Pak medication George Frey | Bloomberg | Getty Images

The office of Attorney General Eric Schneiderman said it launched its probe after a preliminary review revealed Mylan might have inserted anti-competitive terms into its deals to sell EpiPens. Schneiderman's move came within hours of U.S. Sens. Richard Blumenthal, D-Conn., and Amy Klobuchar, D-Minn., asking the Federal Trade Commission to investigate whether Mylan violated federal antitrust laws to protect EpiPens from competition. "As the cost of EpiPens skyrocketed, schools seeking relief turned to Mylan's 'EpiPen4Schools' program, which offered a significant discount for the lifesaving drug," Blumenthal's office said in a statement. "Some of these schools were required to sign a contract agreeing not to purchase any products from Mylan's competitors for a period of 12 months — conduct that can violate the antitrust laws when taken by a monopolist."