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PITTSBURGH (AP) — Generic drug maker Mylan Inc. says it will buy Agila Specialties for $1.6 billion in cash, expanding its offerings of injectable drugs and its sales in international markets.
Mylan is buying Agila from Strides Arcolab. It could pay Strides another $250 million based on other undisclosed conditions. Mylan said the deal will give it new generic injectable drugs and will help it enter the market in emerging markets like Brazil.
The Pittsburgh company expects the Agila purchase will add to its earnings. The transaction is expected to close in the fourth quarter.
Both Agila and Strides are based in India.
Mylan is one of the biggest generic drug companies in the world. Its sales grew 11 percent to $6.8 billion in 2012.