Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Mylan May Hold Back $250 Million in Indian Drugmaker Deal

Dec. 4 (Bloomberg) -- Strides Arcolab Ltd. won’t get $250 million of the $1.75 billion anticipated from the sale of its injectable drugs unit to Mylan Inc. unless regulatory concerns at one of the Indian drugmaker’s factories are resolved.

In September, the U.S. Food and Drug Administration told Strides there were “significant violations of current good manufacturing practice” at a plant in Bangalore. Mylan’s purchase has been restructured to hold back $250 million unless “certain regulatory conditions” are resolved, the Canonsburg, Pennsylvania-based company said today in a statement announcing completion of the acquisition.

Mylan, a generic-drug maker, agreed in February to buy the Agila unit of Bangalore-based Strides as part of a push to expand into injectable drugs. It will also increase manufacturing capacity for higher-priced biotechnology drugs.

To contact the reporter on this story: Drew Armstrong in New York at darmstrong17@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.