FIPB clears US drug maker Mylan’s deal to buy Strides Arcolab arm
28 Aug 2013
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Shares of Indian pharmaceutical company Strides Arcolab saw a surge of around 7 per cent today after news that the proposal of US-based Mylan Inc to acquire Strides subsidiary Agila Specialties Pvt Ltd for Rs5,168 crore has been cleared by the Foreign Investment Promotion Board.
Since Mylan's investment proposal is worth over Rs1,200 crore, it will have to go to the Cabinet Committee on Economic Affairs (CCEA) for final approval.
According to a share purchase agreement between the two companies, Mylan would acquire the entire issued and outstanding share capital of Agila Specialities.
Agila is a developer, manufacturer and marketer of generic injectable products. It would be acquired by Mylan directly or through one of its subsidiaries.
Since Mylan's investment proposal is worth over Rs1,200 crore, it will have to go to the Cabinet Committee on Economic Affairs (CCEA) for final approval.
According to a share purchase agreement between the two companies, Mylan would acquire the entire issued and outstanding share capital of Agila Specialities.
Agila is a developer, manufacturer and marketer of generic injectable products. It would be acquired by Mylan directly or through one of its subsidiaries.
