Mylan Laboratories has won the lengthy bidding war for Merck KGaA's generic drug business with an offer of $6.6 billion. In the deal, Mylan continues its ambitious global expansion and Germany's Merck pockets a sizeable chunk of cash as it concentrates on pharmaceuticals and chemicals. Mylan only recently bought a controlling interest of Matrix Laboratories in India. It says it expects to squeeze $250 million a year in savings from its combined operations without having to resort to big layoffs. Merck's been pursuing its own expansion strategy with the recent buyout of Serono.
- here's the report [1] from USA Today
Related articles:
Mylan inks deal for Matrix Laboratories. Report [2]
Links:
[1] http://www.usatoday.com/money/world/2007-05-14-merck_N.htm
[2] http://www.fiercebiotech.com/story/mylan-takes-majority-stake-in-matrix/2006-08-28