PITTSBURGH Generic drug maker Mylan is hoping to gain entry into the injectable drug market with the acquisition of a European drug maker.
Mylan announced Wednesday the acquisition of Bioniche Pharma Holdings for $550 million. The Galway, Ireland-based company makes several drugs for pain, cancer, urology and other uses, mostly for the hospital setting, with more than 30 drugs on the market.
Mylan hopes the acquisition will give an immediate presence in the North American injectables market and serve as a platform for future growth, including biosimilars.
“We are extremely pleased to be adding this complementary, high-growth, high-margin business to our one-of-a-kind global pharmaceutical platform,” Mylan chairman and CEO Robert Coury 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.”