US based Mylan Laboratories has acquired German drug major Merck AG's generic drug business for euro 4.9 billion ($6.7 billion) in an all-cash transaction today. The acquisition will enable Mylan to make fullest use of the basic bulk drug (API) manufacturing capabilities of its Indian arm, Matrix.The acquisition has turned Mylan the third biggest global player in generics business after Israel's Teva and Swiss major Novartis's generic arm Sandoz.
Mylan and Merck Generics is to benefit from significant savings driven by Hyderabad based Matrix's low cost, high quality API (bulk drug) capacity and the benefits of manufacturing high product volumes for multiple markets around the world.
In 2007, Mylan completed its acquisition of a 71.5% stake in Matrix, the second largest API manufacturer globally, with more than 165 APIs in the marketplace or under development.
Read more in The Business Standard article.
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