Mylan's deal to acquire Strides Arcolab's unit looks set to proceed
US generics and specialty drugmaker Mylan (NYSE: MYL) $1.6-billion foreign direct investment proposal - aiming to acquire Indian pharma firm Strides Arcolab's (BO: 532532) Agila Specialties unit (The Pharma Letter February 28) - has finally seen the green light, reports the Hindustan Times. India’s Prime Minister Manmohan Singh last Friday cleared the Strides Arcolab-Mylan deal, overruling the concerns raised by Department of Industrial Policy and Promotion (DIPP) and Ministry of Health (TPL July 9).
The Foreign Investment Promotion Board (FIPB) had kept its approval on the deal in abeyance till there was clarity on “brownfield” foreign direct investment (FDI) norms - one in which acquisition is built into a new project. Now, the deal will be brought to the Cabinet Committee on Economic Affairs (CCEA) under existing policy to get the final approval, the newspaper noted.
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