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Wednesday, September 10, 2014

S.Africa's Aspen to sell U.S. drug rights to Mylan for up to $300 mln, (NASDAQ: MYL)

Aspen Pharmacare is to sell the rights to market a blood clot drug in the United States to rival Mylan Inc for up to $300 million, it said on Wednesday, a move that would help Africa's top generic drugmaker pay down debt.Mylan will pay an initial $225 million and the rest would be held by a third party until payment is due on meeting certain conditions. Aspen would retain all the rights to sell the thrombosis drug elsewhere in the world.The sale, prompted by Aspen's lack of sales representation in the United States, forms part of wider review of its portfolio to improve returns, Deputy Chief Executive Gus Attridge said.Shares in Aspen were up 4.3 percent at 336.92 rand by 1344 GMT, outpacing an almost 1 percent fall in the blue-chip JSE Top-40 index.

Mylan Inc. (Mylan) is a fully integrated global pharmaceutical company that develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. Shares of MYL traded higher by 0.11% or $0.05/share to $47.52. In the past year, the shares have traded as low as $36.97 and as high as $57.52. On average, 4524240 shares of MYL exchange hands on a given day and today's volume is recorded at 977646.