US approves Mylans buy of Strides unit

Written by Reuters | Washington | Updated: Sep 28 2013, 06:31am hrs
Generic drugmaker Mylan has won US antitrust approval to buy Agila, a unit of Indias Strides Arcolab, subject to divesting some products, the Federal Trade Commission said on Thursday.

Indias cabinet approved the deal on Sept 3. The companies will have to divest assets needed to make 11 generic injectable drugs as a condition of approving the deal, the FTC said.

The deal for Agila, which is based in the southern Indian city of Bangalore, was valued at $1.6 billion when it was announced in February.

The purchase is expected to help Mylan, one of the worlds largest generic drugmakers, double its injectable drugs portfolio.