Mylan seeks women's health power with $800m Famy buy
This article was originally published in Scrip
Mylan continues to prowl deal street in India, this time snapping up specified female health care businesses of the privately held Mumbai-based Famy Care for $750m in cash plus additional contingent payments of up to $50m.
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Mylan has handed pink slips to around 50 personnel at its Indian R&D unit as it pursues a global revamp aimed at streamlining operations and reining in costs following multiple acquisitions over the past few years.
Mylan said it expects to cut less than 10% of its workforce under a restructuring to streamline operations following a series of acquisitions. The news comes amid a spate of negative publicity for the company, including a $465m settlement with the US Department of Justice over EpiPen.
A recent round table on pharma industry trends has highlighted the hunger of cash-rich Indian firms for acquiring companies with niche portfolios in regulated markets including the US. Innovator companies shedding their generic units also present significant opportunities for Indian firms. Both trends are expected to build amid apparent Indian interest in the Teva-Allergan divestiture in Europe.