Generic drugmaker Mylan Inc. will acquire Agila Specialties - a developer, manufacturer and marketer of high-quality generic injectible products - from Strides Arcolab for $1.6 billion (Rs 8,674.2 crore) in cash. The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals. The acquisition will help Mylan expand and diversify its product portfolio, extend its geographic footprint and strengthen its presence in the high-growth injectables segment.
Mylan, one of the world's largest generic drugmakers, aims to be among the top three companies globally in injectables and the buyout of Agila is a step in that direction. "The addition of Agila to our existing injectables platform will immediately create a new, powerful global leader in this fast-growing, attractive market segment," said Heather Bresch, CEO, Mylan. Bangalore-based Agila has a portfolio of more than 300 products marketed in 70 countries, including 61 abbreviated new drug applications (ANDAs) approved by the US Food and Drug Administration (FDA). It has nine manufacturing facilities in India, Brazil and Poland - eight of which have been approved by the FDA.