Pharmaceutical company Mylan Inc. (Nasdaq: MYL) is buying part of Famy Care Ltd. for $750 million.

Famy, headquartered in Mumbai, India, is a women's health care company that specializes in birth control, including injectable contraceptives, intra-uterine devices, tubal rings and hormone replacement therapy products.  To execute the deal, Famy is pinning off its female health care business under a court-approved scheme of demerger – then Mylan will acquire all of the shares of the new resulting company.

The sale is an exit for AIF Capital Ltd. a Hong Kong private equity firm that makes investments in Asia.

The deal should help Pittsburgh-based Mylan accelerate its women's health operations. In June, Mylan agreed to acquire Abbott's (NYSE: ABT) non-U.S. developed markets specialty and branded generics business, which includes a women's health care segment, in a deal valued at about $5.3 billion.  That transaction hasn't closed yet, but both transactions should help Mylan expand in Europe and emerging markets. 

Under the terms of the Famy deal, Mylan may end up paying an additional $50 million depending on certain development and regulatory milestones.

The buyer develops medication, including more than 1,300 generic pharmaceuticals and branded drugs. Mylan also develops antiretroviral therapies, which are used by HIV/AIDS patients.

Centerview Partners and Goldman Sachs & Co. are serving as Mylan's financial adviser, while Cravath Swaine & Moore LLP and Luthra & Luthra provide legal advice. Credit Suisse is Famy Care's financial adviser, and Covington & Burling LLP and AZB & Partners are legal counsel.  

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