Mylan to Acquire Agila to Create Leading Global Injectables Platform

     Mylan to Acquire Agila to Create Leading Global Injectables Platform

Acquisition expected to be immediately accretive to adjusted diluted EPS upon

PR Newswire

PITTSBURGH, Feb. 27, 2013

PITTSBURGH, Feb. 27, 2013 /PRNewswire/ --Mylan Inc. (Nasdaq: MYL) today
announced that it has signed a definitive agreement to acquire Agila
Specialties Private Limited, a developer, manufacturer and marketer of
high-quality generic injectable products, from Strides Arcolab Limited (BSE:
532531, NSE: STAR) for $1.6 billion in cash. The acquisition of Agila will
create a global injectables leader, significantly expanding and strengthening
Mylan's global injectables platform and providing Mylan entry into new
high-growth geographic markets. The acquisition is expected to be immediately
accretive to Mylan's adjusted diluted earnings per share following closing.
The transaction is expected to close in the fourth quarter of 2013, subject to
regulatory approvals and certain closing conditions.

Mylan CEO Heather Bresch commented, "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. Further, the acquisition of
this unique asset delivers on several of Mylan's strategic growth drivers by
further expanding and diversifying our product portfolio and geographic reach,
strengthening our presence in the institutional channel, and positioning us to
maximize our generic biologics portfolio. Agila's broad product portfolio and
pipeline, which is very complementary to Mylan's, is the result of
best-in-class research and development and an industry-leading track record of
securing product approvals. Importantly, Agila will bring us one of the most
state-of-the-art, high quality injectables manufacturing platforms in the
industry. Our significantly expanded manufacturing capacity will allow us to
vertically integrate our injectables platform and fast-track our ability to
pursue additional product opportunities and partnerships to facilitate
long-term growth. We are excited to welcome the Agila employees to our growing
global team and anticipate a seamless and rapid integration of the Agila

Mylan President Rajiv Malik added, "By combining Agila's strong injectables
capabilities with Mylan's powerful global engine, we will catapult our
injectables business to a new level. Agila will bring Mylan one of the deepest
and broadest global injectables portfolios in the industry, and together we
will have more than 700 marketed injectables products and a global pipeline of
more than 350 injectables products pending approval. In addition, Agila will
further expand Mylan's geographic footprint, providing us with entry into key
growth markets, such as Brazil, and position us to leverage our global
portfolio in these exciting markets, in line with our mission of providing the
world's 7 billion people access to high quality medicine."

Mylan CFO John Sheehan said, "This is a financially and strategically
compelling transaction, which is consistent with Mylan's stated acquisition
strategy and financial commitments. We anticipate that the acquisition will
immediately enhance our revenue and earnings growth upon closing, and nearly
double our business from injectables in the first full year. Further, this
transaction will significantly accelerate achievement of our $1 billion target
for our institutional business. Following this transaction, we will maintain
pro forma leverage well within our investment-grade parameters, providing us
with ample financial flexibility to execute on other opportunities to
accelerate our long-term growth targets and continue to maximize shareholder
value. We remain committed to maintaining our investment-grade credit

Commenting on the transaction, Arun Kumar, executive vice chairman and Group
CEO of Strides Arcolab said, "Our investments in the Agila business, together
with the operational excellence of our employees, have led to the creation a
global, high-quality specialty injectables business with an industry-leading
pipeline and best-in-class infrastructure. We believe Agila, its partners,
customers and employees across all of its markets will benefit significantly
from Mylan's global reach and strong position in the global generic and
specialty pharmaceutical sector. I am excited by the combination of our Agila
business with Mylan as it allows Mylan to leverage its operational base to
become a leading global injectables company in the coming years and offers
great opportunities to the employees who have made Agila what it is today.
Mylan's long-standing commitment to quality, its track record of integrity and
reliability, and powerful global platform make Mylan the perfect fit for this
business, both culturally and from a commercial perspective."

Agila, headquartered in Bangalore, India, will bring Mylan a broad product
portfolio of more than 300 filings approved globally and marketed through a
network covering 70 countries, including 61 abbreviated new drug applications
(ANDAs) approved by the U.S. Food and Drug Administration (FDA). Agila has a
global pipeline of approximately 350 filings pending approval, including 122
ANDAs pending FDA approval. Agila's research and development and regulatory
track record are reflected in its industry-leading number of approvals and
fast approval timeframes. The company currently produces products across nine
high-quality manufacturing facilities in India, Brazil and Poland, eight of
which have been approved by the FDA.Agila's manufacturing capabilities
include vials, pre-filled syringes, ampoules, lyophilization, cytotoxics, and
antibiotics. Agila's manufacturing base represents one of the largest steriles
capacity in India and one of the largest lyophilization capacities in the
world. In addition to its established presence in developed markets, Agila has
a strong position in high-growth emerging markets, including Brazil.

Agila's capabilities complement Mylan's existing injectables platform of more
than 500 products marketed globally, including 55 ANDAs, and its high quality
sterile manufacturing facilities in Ireland and India.

The global generic injectables market is expected to grow at a compound annual
growth rate of 13%[1] from 2011-2017 driven by patent expiries, outpacing most
other dosage forms. The combined Mylan/Agila portfolio will represent
approximately 70% of regulated market demand for injectables and the combined
R&D platform and manufacturing capabilities will position Mylan to be a
significant participant in advanced new technologies to drive future growth.

Transaction Terms

Mylan will pay Strides Arcolab $1.6 billion in cash. The agreement also
provides for up to an additional $250 million in potential payments subject to
the satisfaction of certain conditions by Strides. Mylan is not assuming any
outstanding debt or acquiring the business's cash as part of the transaction.
Mylan has obtained a commitment letter from Morgan Stanley for a new $1
billion senior unsecured bridge term loan in connection with the planned
acquisition. This bridge, together with internal sources, including available
cash and existing lines of credit, is expected to be sufficient to finance the
transaction. Mylan expects that its credit profile would not be materially
altered as a result of this transaction. The transaction has been unanimously
approved by Mylan's board of directors.

Morgan Stanley is serving as financial advisor to Mylan, and Skadden, Arps,
Slate, Meagher & Flom LLP is acting as overall legal advisor, assisted by
Slaughter and May and Platinum Partners.

This press release includes statements that constitute "forward-looking
statements," including with regard to the consummation of the planned
transaction and Mylan's expected future performance. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Because such statements inherently involve risks and
uncertainties, actual future results may differ materially from those
expressed or implied by such forward-looking statements and the acquisition
may not be immediately accretive to Mylan's adjusted diluted earnings per
share following the closing or at all. Factors that could cause or contribute
to such differences include, but are not limited to: factors relating to
satisfaction of the conditions to the consummation of the transaction,
including regulatory approval; the impact and effects of legal or regulatory
proceedings, actions or changes; general market perception of the transaction;
uncertainties and matters beyond the control of management; the ability of the
company to achieve the synergies or other benefits anticipated as a result of
the acquisition; the effect of the acquisition on third-party partnerships and
customer relationships; any conditions imposed upon the company in connection
with obtaining regulatory approvals; and the other risks detailed in the
company's filings with the Securities and Exchange Commission. The company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.

Mylan is a global pharmaceutical company committed to setting new standards in
health care. Working together around the world to provide 7 billion people
access to high quality medicine, we innovate to satisfy unmet needs; make
reliability and service excellence a habit; do what's right, not what's easy;
and impact the future through passionate global leadership. We offer a growing
portfolio of more than 1,100 generic pharmaceuticals and several brand
medications. In addition, we offer a wide range of antiretroviral therapies,
upon which approximately 40% of HIV/AIDS patients in developing countries
depend. We also operate one of the largest active pharmaceutical ingredient
manufacturers and currently market products in approximately 140 countries and
territories. Our workforce of more than 20,000 people is dedicated to
improving the customer experience and increasing pharmaceutical access to
consumers around the world. But don't take our word for it. See for yourself.
See inside.

[1] IMS, internal analysis

SOURCE Mylan Inc.

Contact: Media, Nina Devlin, +1-724-514-1968, or Investors, Kris King,
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