September 3, 2013/Bio Valley BIOON/ — Mylan)9 announced on September 3 that the acquisition of Agila Specialties, a subsidiary of Indian pharmaceutical manufacturer Strides Arcolab, was approved by the Foreign Investment Promotion Council of India (FIPB) and the Cabinet Committee on Economic Affairs of India (CCEA). The acquisition cost as much as $1.6 billion and is expected to be completed in the fourth quarter of 2013, depending on the remaining regulatory approvals and specific closing conditions.

　　Mylan is one of the largest manufacturers of generic drugs in the world. In February this year, Mylan agreed to spend $1.6 billion to acquire Agila Specialties, a subsidiary of Strides Arcolab, in order to expand its presence in the rapidly growing injectable drug market. (Biology Valley Bioon.com)

　　India cabinet approvals mylan’s deal to buy stripes unit: minister

　　(Reuters) – India’s cabinet on Tuesday approved Mylan Inc’s (MYL.O) deal to buy a unit of Strides Arcolab Ltd (STAR.NS), Information and Broadcasting Minister Manish Tewari said, paving the way for closure of the long-pending transaction.

　　Mylan, one of the world’s largest generic drugmakers, in February agreed to buy the Strides unit, Agila Specialities, for $1.6 billion to expand its presence in the fast-growing injectable drugs market.