Generic drugmaker Mylan completes $1.75B acquisition in India
Generic drugmaker Mylan Inc. expanded its global manufacturing capability and portfolio of injectable medications with a $1.75 billion acquisition on Wednesday.
Cecil-based Mylan, one of the world's biggest generic pharmaceutical companies, said it completed the purchase of the Agila unit of Indian drugmaker Strides Arcolab Ltd.
The deal, first announced in February, gives Mylan 13 manufacturing plants in six countries and four research and development centers staffed by 400 scientists.
The addition of Agila's portfolio means Mylan offers more than 1,200 injectable drugs across the world, with another 900 products awaiting regulatory approvals, the company said.
Agila's foothold in several emerging markets, including Brazil, India and Southeast Asia, was attractive to Mylan.
“The acquisition of Agila will create a global injectables leader, expanding and strengthening Mylan's existing injectables platform and portfolio, and providing Mylan entry into exciting, new geographic markets,” CEO Heather Bresch said in a statement. “We believe we can generate significant growth from this business.”
Mylan will hold back $250 million in the deal on the condition that Agila satisfy U.S. regulators over problems of one of its Indian manufacturing plants.
In September, the Food and Drug Administration sent a so-called warning letter to Agila as a result of a June inspection at its Bangalore factory that turned up deficient procedures for preventing contamination of products.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or firstname.lastname@example.org.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Amusement parks fight off home entertainment threat
- Caution creeps into economic picture as consumer, business spending taper
- S&P 500 logs 47th record high close for year
- State officials prompt UPMC, Highmark to go to mediation to resolve Medicare dispute
- Federal agency checking whether Highmark has enough doctors in Medicare plan
- Retailers that won’t open on Thanksgiving hope move pays off
- BNY Mellon trader fired in conduct probe
- Westinghouse to construct colossal nuke plant in Turkey
- Westinghouse CEO expects nuclear power to grow in energy-hungry U.S.
- Alcoa moves into 3-D printing for part manufacturing
- Kia’s 1st electric vehicle charges fast, goes distance