Two Indian Healthcare Companies Jointly Steps in M&A Deals
US-based generic drug maker Mylan Inc is going to pay USD 1.6 billion plus potential additional consideration of up to USD 250 million to acquire a unit of Indian drug company Strides Arcolab.
Strides Arcolab is a Mumbai listed drug manufacturer which is planning to sell its injectables drug business Agila Specialties to Mylan in the third largest acquisition of an Indian pharmaceutical company ever. “The addition of Agila to our existing injectables platform will immediately create a new, powerful global leader in this fast-growing, attractive market segment and accelerate our target of becoming a top-three global player in injectables,” Mylan CEO Heather Bresch said in a statement.
The global generic injectables market is expected to grow at a compound annual growth rate of 13 percent from 2011-2017 driven by patent expiries, outpacing most other dosage firms. The combined Mylan/Agile portfolio will represent about 70 percent of the regulated market demand for injectables.
Bangalore-based Agila will add more than 300 marketable injectable products to Mylan’s similar portfolio including 61 abbreviated new drug applications (ANDAs) approved by US Food and Drug Administration (FDA). Agila has an additional 350 injectable products pending approval, including 122 ANDAs from the USFDA.
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