Mylan receives approval from India, acquires Agila
Global pharmaceutical company Mylan’s proposed acquisition of the Agila injectables businesses from Indian pharmaceutical company Strides Arcolab has received approval from India's Foreign Investment Promotion Board (FIPB). The transaction also received approval from the Cabinet Committee on Economic Affairs (CCEA). The transaction is expected to close in the fourth quarter of 2013.
Heather Bresch, Mylan chief executive officer, said, "We are very pleased to have received all outstanding Indian pre-merger regulatory approvals for the Agila transaction, especially considering the increased government regulation and oversight with respect to foreign investment in India.”