Labindia Instruments sells 49% stake in PerkinElmer India

US-based scientific instruments maker PerkinElmer has acquired the 49% stake held by its Indian joint venture partner Labindia Instruments in PerkinElmer India for an undisclosed amount. The 51:49 joint venture was formed three years back and is believed to be clocking revenues of more than Rs 100 crore.

PerkinElmer is engaged in the area of designing, manufacturing, marketing and servicing products and systems for life and analytical sciences and optoelectronics.The company has just roped in Jay Shankar as the new country head for its wholly owned Indian subsidiary. He was earlier working with Novartis Healthcare where he led its global services organisation.

The Indian subsidiary currently employs about 170 people in Bangalore, Baroda, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, Pune and Thane.

Mylan Labs bags Merck's generics unit for $6.7bn

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.