PITTSBURGH — Indian regulators have approved a deal from Mylan to buy the injectables business of Strides Arcolab, Mylan said Tuesday.
Following the approval of Agila by India's Foreign Investment Promotion Board, Mylan also received approval from the Cabinet Committee on Economic Affairs. The deal is expected to close in fourth quarter 2013. Mylan announced its plan to buy Agila for $1.6 billion in February 2013.
"We are very pleased to have received all outstanding Indian pre-merger regulatory approvals for the Agila transaction, especially considering the increased government regulation and oversight with respect to foreign investment in India," Mylan CEO Heather Bresch said. "We look forward to completing the acquisition in the coming months, which we believe will establish Mylan as a global injectables leader, with a significantly expanded and strengthened injectables portfolio, pipeline, platform and capabilities."