Mylan to buy drug plant in India
Mylan Inc. agreed to buy an Indian drug manufacturing plant for about $32.5 million, the Cecil-based company said on Wednesday.
Owned by SMS Pharmaceuticals Ltd., the plant specializes in making cancer medications and the active ingredients for cancer drugs.
“The acquisition of this facility will support several of Mylan's strategic growth drivers, particularly expansion of our institutional business,” the company said in a statement.
Generic drugmaker Mylan's institutional subsidiary sells various pharmaceutical products directly to group purchasing organizations, wholesalers, hospitals, long-term care facilities and other large buyers.
Mylan, through its India-based subsidiary Mylan Laboratories Ltd., operates nine pharmaceutical manufacturing plants in India and China. It acquired the Indian operations in 2007 when it purchased Matrix Laboratories, one of the world's largest producers of active pharmaceutical ingredients.
Mylan expects the deal for the SMS facility to close in the first quarter of next year.
In August, Mylan started commercial operations in India by selling products that treat HIV and AIDS and has said it wants to expand in that country.
Mylan, the world's third-largest generic drugmaker by sales, will report third-quarter financial results next week.
Mylan stock closed at $24.28, up 24 cents.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or email@example.com.
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.
- Starkey: Pederson had to go at Pitt
- Pederson’s 2nd tenure as the athletic director at Pitt comes to abrupt end
- Businessman responds to Brewster shale tax proposal
- Teen who accused Clairton police of brutality pleads guilty to lesser charges
- Greensburg pit bull advocacy group plans fundraiser in Homestead
- Tax break extension bill has goodies for Mon-Yough area
- Steelers, young and old, thirst for opportunity to reach the postseason
- Philly DA says no affidavits claimed by AG Kane in bribery case existed
- Officials get early start on NuMine bridge replacement planning
- Donation another step toward new roof at Cowansville veterans center
- Chryst returns home, named football coach at Wisconsin