Mylan Inc. has received approval from India's Foreign Investment Promotion Board (FIPB) and Cabinet Committee on Economic Affairs (CCEA) for acquisition of Agila Specialties business of Strides Arcolab. The transaction is expected to close in the fourth quarter of 2013, subject to remaining regulatory approvals and certain closing conditions. Strides has entered into a definitive agreement during February 2013 with Mylan Inc., to sell off Agila division for a cash consideration of Rs.8,610 crore and potential additional consideration of Rs.1,345 crore.
Heather Bresch, Mylan CEO, said, "We are very pleased to have received all outstanding Indian pre-merger regulatory approvals for the Agila transaction, especially considering the increased government regulation and oversight with respect to foreign investment in India. We look forward to completing the acquisition in the coming months, which we believe will establish Mylan as a global injectables leader, with a significantly expanded and strengthened injectables portfolio, pipeline, platform and capabilities."
Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership.
The company offers a growing portfolio of approximately 1,100 generic pharmaceuticals and several brand medications. In addition, it offer a wide range of antiretroviral therapies, upon which approximately 40 per cent of HIV/AIDS patients in developing countries depend. It also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 140 countries and territories.