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Mylan
Buying Merck KGaA’s Generics Unit for $6.6B
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| May
13, 2007--Merck KGaA is selling its
generics business to Mylan Laboratories Inc. for $6.6
billion in cash and plans to use the proceeds for a
special dividend and to pay off debt. With 2006 sales of
approximately $2.4 billion, Merck's generics unit ranked
fourth in the world behind Teva Pharmaceutical Industries,
Novartis AG's Sandoz unit, and Barr Pharmaceuticals Inc.
Mylan edged out Teva and Actavis to buy Merck’s generics
business, which is being sold debt free, operates in 90
countries, and has limited overlap with Mylan’s own
activities. Reuters
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