Strides Arcolab .
The decision was taken at a meeting of the Cabinet Committee of Economic Affairs (CCEA) held here, Information and Broadcasting Minister Manish Tiwari told reporters. The acquisition, however, is subject to certain conditions. After the completion of acquisition process, Mylan has to maintain the investment level in R&D in value terms for five years at absolute quantitative level at the time of induction of FDI, according to sources.
Also read: Sharma says govt looking at concerns over FDI in pharma
Further, the US-based company would also have to maintain the production level of National List of Essential Medicines (NLEM) drugs and consumerables and their supply to domestic market at the time of induction of FDI for the next five years at an absolute quantitative level. "The benchmark for this level would be decided with reference to level of production of NLEM drugs in three years immediate preceding to year of induction of FDI," they said.
Since the investment proposal was of over Rs 1,200 crore, it came up before the Cabinet Committee on Economic Affairs for final approval after it was cleared by the Foreign Investment Promotion Board last month.
In February this year, Mylan had announced that it would acquire entire issues and outstanding share capital of Agila Specialities Pvt Ltd -- a subsidiary of pharma firm Strides Arcolab. Agila Specialities is public listed company based in Bangalore. It is engaged in development, manufacturing, marketing and sale of generic pharma products, particularly in oncological products.
On the other hand, Mylan Inc is a fully integrated global pharmaceutical company. It has presence in India through its subsidiary Mylan Laboratories Ltd, Mylan Pharmaceuticals Pvt Ltd and Astrix Laboratories Ltd. Mylan Laboratories Ltd has been recently engaged in acquiring various manufacturing facilities from existing pharma companies through internal accruals.
As part of a definitive agreement signed between Mylan and Bangalore-based Strides Arcolab, apart from the acquisition amount in cash there is also a provision for additional USD 250 million in potential payments. Mylan had set the fourth quarter of 2013 as the expected time for the transaction to be completed, subject to regulatory approvals.
While announcing the deal in February this year, the US-based firm had said that Agila will bring a broad product portfolio of more than 300 filings approved globally and marketed through a network covering 70 countries, including 61 abbreviated new drug applications (ANDAs) approved by the US Food and Drug Administration (USFDA).
Agila currently produces products across nine manufacturing facilities in India, Brazil and Poland, eight of which have been approved by the FDA. Mylan, on the other hand has more than 500 products marketed globally, including 55 ANDAs, and its has sterile manufacturing facilities in Ireland and India.
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