Irish pharmacy in sales negotiations with Mylan
Bioniche Pharma Holdings set to be sold in $550m deal
Bioniche Pharma Holdings is holding sales negotiations with
Mylan as the two firms discuss a possible $550 million (£359
million) deal.
Generic drugmaker Mylan is looking to enter the North American
injections market and hopes to take advantage of Bioniche's strong
sales in the region.
Mylan will not assume any of the Irish firm's outstanding debt
or acquire its cash in the deal, which could be completed within 60
days.
Robert Coury, chairman and chief executive officer of Mylan,
expressed his delight that the firm could add a rapidly expanding
business to its portfolio.
He said: "Bioniche Pharma has maintained a long-held strategy of
focusing on quality injectable products with limited competition
and difficult-to-develop-and-manufacture compositions."
Bioniche will be merged with UDL Laboratories, a division of
Mylan, to form Mylan Institutional - a new hospital or
institutional business in the company's generics segment.