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.