Mylan Pharmaceutical is to acquire Bioniche Pharma Holdings Limited, a move that will help the company gain a foothold within the US injectables market.
The $550m-deal for Bioniche, a global and privately held injectables pharmaceutical company, will be accretive to Mylan's earnings in year one, without accounting for any operational or other synergies.
The company manufactures and sells a diverse range of products across several therapeutic areas for the hospital setting, including analgesics and anaesthetics, orthopaedics, oncology and urology.
Mylan chairman and CEO Robert J Coury said that this one transaction would give Mylan the necessary critical mass to compete in the attractive US injectables market.
Bioniche Pharma will be combined with UDL Laboratories, Mylan's unit dose business, to form Mylan Institutional, a hospital/institutional business in the company's generics segment.
Ireland-based Bioniche Pharma had net revenue of approximately $130m in the twelve months ending 31 May 2010, and approximately $43.5m in the three months ending 31 May 2010.