Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, February 27, 2013

Mylan to purchase injectable drugs unit of India's Strides for $1.6 bln, (NASDAQ: MYL), (NYSE: PFE)

Generic drugmaker Mylan Inc said it would purchase the injectable drugs unit of India's Strides Arcolab Ltd for $1.6 billion to expand its presence in the fast-growing generic injectables market.The deal for Agila Specialities, a wholly-owned subsidiary of Strides, caps months of uncertainty regarding its sale, with reports suggesting Pfizer Inc and Japan's Otsuka Holdings Co Ltd as other potential buyers.The deal will help Mylan, one of the world's largest generic drugmakers, double its injectable drugs portfolio.A raft of patent expiries that will stretch until 2016 is expected to drive growth in the global generic injectables market. Also, many generic injectable drugs, which tend to be administered in hospitals, have been in short supply in the United States, including treatments for cancer.

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 3580004.

Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 1.41% or $0.38/share to $27.41. In the past year, the shares have traded as low as $21.05 and as high as $27.84. On average, 32349700 shares of PFE exchange hands on a given day and today's volume is recorded at 24385148.



Source