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PITTSBURGH — Mylan N.V. has completed its $9.9 billion deal to acquire Sweden-based Meda AB.
Mylan had received Federal Trade Commission clearance for the transaction in late July. The deal was announced in February.
The combination of Mylan and Meda creates a leading pharmaceutical company with a strong portfolio of brand-name and generic drugs and over-the-counter medicines, with a broad global footprint and scale in key geographic markets, according to executives.
With the addition of Meda, Mylan now has six $1 billion therapeutic franchises, noted Mylan president Rajiv Malik.
“And through our enhanced scale and expanded commercial capabilities, we see significant opportunities to further distinguish Mylan among our customers and patients. Allergy/respiratory, pain/CNS and dermatology — recently bolstered by our acquisition of the Renaissance topicals business — represent just a few of the exciting areas where we expect to create additional value from our combined portfolio, pipeline and capabilities,” Malik stated. “Meda also opens up a number of new opportunities for us, such as significantly expanding our over-the-counter presence into a $1 billion business. Additionally, Meda accelerates our expansion in attractive emerging markets, such as China, Southeast Asia, Russia and the Middle East, and provides us opportunities to maximize our efficient, high-quality operating platform and broad product portfolio.”
The announcement of the Meda acquisition had come several months after Mylan’s failed $27 billion bid to acquire Dublin, Ireland-based Perrigo Co. plc, a leading maker of store-brand OTC medicines and generic drugs.
“The addition of Meda builds on everything we have put in place around the world, creating even greater scale, breadth and diversity across products, geographies and sales channels,” commented Mylan chief executive officer Heather Bresch. ” As a result, our R&D and manufacturing platform is unmatched, and we now have a more powerful global commercial infrastructure across developed and emerging markets and branded, generic and over-the-counter products. This transaction also is extremely compelling financially, providing significant accretion to Mylan’s adjusted earnings per share, the opportunity for substantial synergies and further acceleration of our growth.”
