Mylan to buy Famy women's healthcare business

US drugmaker Mylan Inc has agreed to acquire the women's healthcare business of Indian drug maker Famy Care for $750 million through its Indian arm, Mylan Laboratories.

Mylan will pay Famy an additional $50 million as contingent payment.

The specialty women's healthcare company Famy's sales is estimated at Rs400 crore. The acquisition is expected to close in the second half of this calendar year.

Famy Care and Mylan have a marketing partnership since 2008. Famy Care was developing and supplying oral contraceptive products to Mylan for the US market.

Famy Care plans to spin off its women's healthcare business into a separate entity, which Mylan will acquire.

With this deal, AIF Capital will get the chance to offload its 17.5 per cent stake in Famy Care to Mylan, which it had acquired in 2010 for Rs175 crore. AIF Capital has been looking for an exit route.