Mylan pays $550 million for Ireland's Bioniche to gain access to US injectables market

US generic drugmaker Mylan says it will acquire privately-held Ireland based Bioniche Pharma for $550 million in cash. Bioniche will provide Mylan not only an immediate entry into the North American injectables market but also a platform for future growth opportunities, said Mylan. The transaction is expected to be accretive to Mylan's earnings in year one, without accounting for any operational or other synergies.

Mylan chairman and chief executive Robert Coury said: "We are extremely pleased to be adding this complementary, high growth, high margin business to our one-of-a-kind global pharmaceutical platform. Bioniche Pharma has maintained a long-held strategy of focusing on quality injectable products with limited competition and difficult-to-develop and -manufacture compositions. With this one transaction, we will have acquired the necessary critical mass to compete in the attractive US injectables market as well as the ability to even further leverage this business throughout the rest of our global commercial platform."

Bioniche has over 30 marketed products and 15 ANDAs pending in USA