Healthcare Industry News: Mylan
News Release - June 2, 2008
Mylan Inc. Acquires Central Eastern European Generics Businesses of Merck KGaAPITTSBURGH, June 2 (HSMN NewsFeed) -- Mylan Inc. (NYSE: MYL ) today announced that it has acquired Merck KGaA's Central & Eastern Europe (CEE) generics businesses, which include operations in Poland, Hungary, Slovakia, Slovenia and the Czech Republic. As announced previously, Mylan exercised its option to acquire these businesses as part of the original, October 2007 agreement in which Mylan acquired Merck KGaA's generics business (Merck Generics) in Western Europe, Asia-Pacific, Africa and North America.
The acquisition does not require any additional consideration from Mylan to Merck KGaA, Mylan said.
"Our acquisition of the CEE businesses gives us access to an additional area with significant growth opportunities for generics," said Mylan Vice Chairman and CEO Robert J. Coury. "It reflects our global strategy to leverage existing platforms, rather than create start-up organizations. In that respect, we believe the CEE businesses will benefit significantly from Mylan's scale, vertical and horizontal integration, and robust product portfolio."
"My team and I are excited to have back the CEE businesses, which I helped establish when I was a part of the Merck Generics organization," said Didier Barret, president of Mylan Europe, Middle East and Africa. "We're eager to continue to build upon our pan-European presence and execute the growth strategies we've always had in mind for this region."
Mylan Inc., with a presence in more than 90 countries, ranks among the leading diversified generic and specialty pharmaceutical companies in the world. The company maintains one of the industry's broadest -- and highest quality -- product portfolios, supported by a robust product pipeline; owns a controlling interest in the world's second largest active pharmaceutical ingredient manufacturer; and operates a specialty business focused on respiratory and allergy therapies.
This press release contains statements that constitute "forward-looking statements", including with regard to Company's expected opportunities and growth potential and the anticipated benefits to the CEE businesses from Mylan's integrated platform. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: challenges and costs relating to integration of the businesses; the effect of any changes in customer and supplier relationships and customer purchasing patterns; general market perception of the transaction; the ability to attract and retain key personnel; changes in economic and financial conditions of the Company's business; uncertainties and matters beyond the control of management; and the other risks detailed in the Form 10-Q for the quarter ended March 31, 2008, and the other reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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