Mylan inks $6.6B deal for Merck's generic drug biz

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 from USA Today

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