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The Associated Press July 14, 2010, 6:24PM ET

Mylan to buy Ireland-based Bioniche for $550M

Mylan Inc. said Wednesday that it will buy Bioniche Pharma Holdings Ltd., a company that makes injectable drugs, for $550 million in cash.

Private equity firm RoundTable Healthcare Partners owns a majority stake in Bioniche. Mylan said Bioniche has about 30 products on the market. The Ireland-based company focuses on injectable drugs that have limited competition and which are difficult to develop and manufacture. Bioniche posted around $130 million in revenue in the 12 months ended May 31.

ICC Private Equity Fund, which is managed by the venture capital division of Bank of Scotland Ltd., is selling its stake in the company, too.

Bioniche's products include analgesics and anesthetics, and drugs used in orthopedics, oncology, and urology. The drugs are mainly sold to hospitals, and most of the company's sales are in the U.S. Mylan said the deal gives it an entrance into the North American market for injectable drugs.

Mylan said it will combine Bioniche with its own UDL Laboratories to form a new unit called Mylan Institutional. It will not take on any of Bioniche's debt or its cash. The purchase is expected to close within 60 days, assuming regulators approve. Mylan expects Bioniche to add to profits in the first year after closing.

RoundTable acquired its stake in BioNiche in February 2006.

Shares of Mylan finished Wednesday's trading unchanged at $17.85.

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