Mylan Inc. (Nasdaq: MYL) today announced that its proposed acquisition of the Agila injectables businesses from Strides Arcolab Limited (BSE: 532531, NSE: STAR) has received approval from India's Foreign Investment Promotion Board (FIPB). Subsequently, the transaction also received approval from the Cabinet Committee on Economic Affairs (CCEA). The transaction is expected to close in the fourth quarter of 2013, subject to remaining regulatory approvals and certain closing conditions.
Mylan CEO Heather Bresch commented, "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."
About Mylan Inc.: 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. We offer a growing portfolio of approximately 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately 40% of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 140 countries and territories. Our workforce of more than 20,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com
Additional inputs: The Foreign Investment Promotion Board (FIPB) has recommended Mylan Inc's Rs 5,168-crore acquisition of Strides Arcolab subsidiary Agila Specialities to the Cabinet Committee on Economic Affairs (CCEA) for final clearance. Source: Ministry of Finance Govt. of India
Mylan CEO Heather Bresch commented, "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."
About Mylan Inc.: 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. We offer a growing portfolio of approximately 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately 40% of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 140 countries and territories. Our workforce of more than 20,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com
Additional inputs: The Foreign Investment Promotion Board (FIPB) has recommended Mylan Inc's Rs 5,168-crore acquisition of Strides Arcolab subsidiary Agila Specialities to the Cabinet Committee on Economic Affairs (CCEA) for final clearance. Source: Ministry of Finance Govt. of India
