Sep 8 2010
Mylan Inc. (Nasdaq: MYL) today announced it has completed the acquisition of Bioniche Pharma Holdings Limited sooner than anticipated. Bioniche Pharma, an injectable pharmaceutical company, is providing Mylan with immediate entry into the North American injectables market and a platform for the commercialization of future biosimilar product offerings. Mylan announced its plan to acquire Bioniche Pharma for $550 million in cash on July 14 and expects the business to be accretive in year one, without accounting for any synergies.
Mylan also is officially launching today its Mylan Institutional business, a newly created platform focused on providing a differentiated product offering tailored to institutional customers throughout North America, including group purchasing organizations, wholesalers, hospitals, surgical and radiology services, home infusion service providers, long-term care facilities, correctional facilities, specialty pharmacies, veterinary clinics and retail outlets. Mylan Institutional combines the product line of Bioniche Pharma with that of UDL Laboratories, Mylan's unit dose business, and it establishes a solid foundation for an even larger-scale global institutional business for Mylan.
Mylan President Heather Bresch commented: "Mylan Institutional will include, among other offerings, Bioniche Pharma's diverse portfolio of products across several therapeutic areas for the hospital setting, including analgesics/anesthetics, orthopedics, oncology and urology. Its robust pipeline includes 15 Abbreviated New Drug Applications pending FDA approval and more than 25 additional products in various stages of development. We look forward to distinguishing ourselves further in the global institutional marketplace. By continuing to leverage our portfolio to serve institutional customers around the world, we can continue to unlock additional efficiencies in their operations, help lower costs and improve patient care."
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