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Irish pharmacy in sales negotiations with Mylan

Bioniche Pharma Holdings set to be sold in $550m deal

15 July 2010

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.

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