Mylan to Acquire Bioniche Pharma Global Injectable Pharmaceuticals Business

Ggeneric and specialty pharmaceutical products maker Mylan Inc plans to acquire privately held, global injectable pharmaceutical company Bioniche Pharma Holdings Limited for $550 million in cash, from PE firm RoundTable Healthcare Partners, which had acquired Bioniche Pharma in February 2006.

The acquisition of Bioniche Pharma will provide Mylan an immediate entry into the North American injectables market and also a platform for future growth opportunities - in addition to 30 plus marketed products, Bioniche has made significant investments in its pipeline that includes 15 abbreviated new drug applications pending approval at the US Food and Drug Administration and more than 25 additional products in various stages of development.

Mylan expects to finance this transaction using a combination of cash on hand and available borrowings. Mylan is not assuming any of Bioniche Pharma's outstanding debt or acquiring the company's cash as part of the transaction.  This transaction is expected to be accretive to Mylan's earnings in year one, without accounting for any operational or other synergies.

Announcing the deal in a statement, Mylan chairman and CEO Robert J. Coury, said, "We are extremely pleased to be adding this complementary, high growth, high margin business to our one-of-a-kind global pharmaceutical platform.

Bioniche Pharma has maintained a long-held strategy of focusing on quality injectable products with limited competition and difficult-to-develop and -manufacture compositions. With this one transaction, we will have acquired the necessary critical mass to compete in the attractive US injectables market as well as the ability to even further leverage this business throughout the rest of our global commercial platform."

After the close of transaction Bioniche Pharma, combined with Mylan's unit dose business UDL Laboratories will form "Mylan Institutional," a new hospital / institutional business in the North American region of the company's generics segment.