Mylan closes on oncology API plant as it rolls through India
|Mylan already owns a plant near Hyderabad, India.--Courtesy of Mylan|
Score another deal for Mylan ($MYL) as it methodically expands its manufacturing capabilities in India.
The U.S. generics company closed on its $32.5 million deal to buy a nearly-new, FDA-approved plant in India from SMS Pharmaceuticals, India's Moneycontrol reports. The plant in Vizag manufactures active pharmaceutical ingredients through finished oncology products, including injectable drugs. SMS brought the plant online in 2008. Mylan closed on that acquisition just a week after it said it would pay $30 million to pick up a manufacturing plant from India's Unichem Laboratories in the central part of the country.
And that came even as Mylan surfaced in reports by unnamed sources that it is in "exclusive talks" to buy Strides Arcolab's sterile injectable drug manufacturing business for as much as $2 billion. India's Strides has been shopping the business for months, and Pfizer ($PFE) and Novartis ($NVS) were previously mentioned as suitors. Mylan and Strides have been mum about a possible deal.
The maker of generic drug bought its way into Indian manufacturing in a big way in 2007 with the acquisition of API supplier Matrix Laboratories. It rebranded that business in 2011 as Mylan Laboratories Ltd. as part of a plan to sell branded drugs in India.
- here's the Moneycontrol item