So much has been made about Mylan's ($MYL) $1.6 billion deal to buy the sterile injectable business of Strides Arcolab that other deals the company has done in India have gotten overlooked. But Mylan has expanded in India with several other small acquisitions on top of the big deal for Agila Specialties.
The drugmaker has just concluded one of those, a 160.50 crore ($26 million) buyout of a new formulation facility in Madhya Pradesh that it picked up from Unichem Laboratories. The drugmakers said in February that they had struck a deal. In the same month Mylan also closed on a $32.5 million deal to buy a nearly new, FDA-approved plant in India from SMS Pharmaceuticals. That plant in Vizag manufactures active pharmaceutical ingredients (APIs) through finished oncology products, including injectable drugs. SMS brought the plant online in 2008.
Mylan is expected to close this quarter on its buyout of Agila for $1.6 billion plus another $250 million if the unit hits certain goals. That deal will make Mylan one of the largest sterile injectable manufacturers in the world. Agila has 9 manufacturing facilities, including plants in Brazil and Poland. Eight of the 9 plants are FDA-approved. It has one of the largest sterile capacities in India and one of the largest freeze-drying capacities in the world. Mylan already has a sterile manufacturing plant in India, as well as one in Ireland.
Mylan told officials in India that it expects to expand on its already significant operations there. Its employment numbers have expanded fourfold since it entered the market in 2006 with its $736 million takeover of Matrix Laboratories. Nearly half of its global workforce of 20,000 currently work in India. It already has 8 plants in India making APIs and two R&D plants in Hyderabad. The Unichem deal adds yet another.
- here's the Economic Times story
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