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Mylan May Be Near Deal With Indian Drug maker SMS Pharma

Mylan May Be Near Deal With Indian Drug maker SMS Pharma [the Pittsburgh Tribune-Review]

From Pittsburgh Tribune-Review (PA) (September 15, 2012)

Sept. 15--Mylan Inc. is said to be in late-stage negotiations with SMS Pharma of Hyderabad, India, to acquire part of its business.

The Canonsburg-based generic drug maker reportedly is interested in SMS units that make lucrative cancer therapy products in raw material and finished drug forms, along with other parts of the company, The Financial Express, an Indian business publication, said in a story on Friday. The report quoted unnamed sources.

Mylan spokeswoman Nina Devlin said the company doesn’t comment "on rumors or speculation of this nature."

The newspaper said SMS is expected to restructure its businesses before announcing the deal, spinning off seven or eight that are being considered for sale.

The deal with Mylan could be in the range of $29.5 million to $36.8 million, a source described only as a banker was quoted as saying in The Financial Express.

Mylan said earlier in August that a subsidiary, Mylan Pharmaceuticals Private Ltd., had started commercial operations in India, beginning with products that treat HIV and AIDS. The subsidiary initially will offer 18 antiretroviral products.

The company acquired a majority stake in Matrix Laboratories of India in 2007 and bought the rest of the company in 2009.

Kim Leonard is a staff writer for Trib Total Media. She can be reached at 412-380-5606 or kleonard@tribweb.com.

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(c)2012 The Pittsburgh Tribune-Review (Greensburg, Pa.)

Visit The Pittsburgh Tribune-Review (Greensburg, Pa.) at www.pittsburghlive.com/x/pittsburghtrib

Distributed by MCT Information Services
 

Posted: September 2012


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