Mylan Inc. (Nasdaq: MYL) is buying Agila Specialties Private Ltd., a company that develops generic injectable products for $1.85 billion.

Strides Arcolab Ltd. (BSE: 532531) currently owns Agila, headquartered in Bengaluru, India. The price tag amounts to about $1.6 billion in cash at closing and up to $250 million in additional cash, should Strides meet certain unspecified conditions.

The deal should give Mylan entry into new markets, namely Brazil. After the acquisition, Mylan will have more than 700 marketed injectable products.

Mylan is a specialty pharmaceutical company that makes medicine to treat HIV/AIDS as well as EpiPen Auto-Injectors. This transaction is Mylan's first since it acquired Bioniche Pharma Holdings Ltd., also a maker of injectables, for $550 million in July 2010.

Morgan Stanley is Mylan’s financial adviser, while Skadden Arps Slate Meagher & Flom LLP is legal counsel. Slaughter and May and Platinum Partners were also legal counsel. 

Strides' legal counsel is Herbert Smith Freehills LLP, as well as law firms DSK Legal, Haynes and Boone LLP and Pinheiro Neto Advogados. Strides hired Jefferies & Co. as its financial adviser. The team included Dung Nguyen, Tommy Erdei and Probir Rao.

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