Mylan Revamp Sees India R&D Layoffs; More In Store?
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.
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The generic drug company will drive mid-term growth by investing in high-barrier-to-entry generics and biosimilars while diversifying into brand medicines and over-the-counter drugs. Management presented a strategy overview during an investor day March 1.
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.