The deal will also include additional contingent payments of up to $50m.
The acquisition was based on Mylan’s existing partnerships with Famy Care in North America, Europe and Australia.
Mylan CEO Heather Bresch said: "In 2008, Mylan established a partnership with Famy Care, significantly enhancing its presence in the women’s health care segment in the US and other developed country markets.
"We see many opportunities to tap the large women’s health care market in Europe, particularly through our pending Abbott deal; the prospect of driving additional value from this business in North America; and exciting growth potential in emerging markets."
The deal is said to complement Mylan’s pending acquisition of Abbott’s non-US developed markets specialty and branded generics business, which also comprises women’s health care portfolio and sales and marketing capabilities.
Subject to regulatory approvals and certain closing conditions, the deal is expected to be completed in the second half of 2015.
Based in Mumbai, Famy Care provides a wide range of women’s health products such as oral and injectable contraceptives, intra-uterine devices (IUDs), tubal rings and hormone-replacement therapy products.