Generic drugmaker Mylan Inc said it would purchase Agila Specialties from India's Strides Arcolab Ltd for $1.6 billion to expand its injectable drugs business. Mylan, one of the world's largest generic drugmakers with more than 1,100 products, said the acquisition is expected to immediately add to Mylan's adjusted diluted earnings per share following closing.
Mylan, Inc. develops and markets generics along with a number of proprietary drugs. Shares of MYL traded higher by 0.85% or $0.24/share to $28.57. In the past year, the shares have traded as low as $20.21 and as high as $29.30. On average, 5160720 shares of MYL exchange hands on a given day and today's volume is recorded at 3570744.
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