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 email@example.com.