Mylan stumbles in $1.6 billion bid to take over injectables specialist Agila Specialties in India
US generics and specialty drugs company Mylan (NYSE: MYL) faces a setback in its plan to acquire Indian drugmaker Strides Arcolab’s (BO: 532531) Agila Specialties unit.
Mylan announced the $1.6 billion agreement to buy the firm in February ( The Pharma Letter February 28). But the Economic Times of India is reporting that the Department of Industrial Policy and Promotion (DIPP) is concerned that ownership of critical drug-making facilities are “falling into foreign hands.” The paper said the Foreign Investment Promotion Board (FIPB) deferred a decision on the deal on Friday.
The Business Standard reports that the news has seen Strides Arcolab dip 6% to 790 rand, in an otherwise firm market. The stock of pharmaceutical company has fallen 11% in past three trading sessions on Bombay Stock Exchange (BSE) compared to unchanged value in benchmark Sensex. It added that today the stock opened at 845 rand and hit a low of 783 rand on BSE. A combined 858,858 shares have changed hands on the counter so far on BSE and NSE.
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