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Mylan
Labs acquires Merck's generics business for $6.7bn
New Delhi: US based Mylan Laboratories has acquired
German drug major Merck AG's generic drug business for
euro 4.9 billion ($6.7 billion) in an all-cash deal.
Robert
J. Coury, vice chairman and chief executive officer, Mylan
Labs said: "Mylan's acquisition of Merck Generics
would create a world class global quality generics leader.
The fit between our two companies is truly outstanding.
Mylan is already a leader in the US, the world's largest
market, and through Matrix Laboratories controls one of
the broadest API platforms in the world. Merck Generics
provides us with leading positions in many of the world's
other key regions. Together, we will form a powerful,
diverse, robust and vertically integrated generics platform,"
he said.
According
to a release issued by Mylan, "The combination of
Mylan and Merck Generics will create a vertically and
horizontally integrated generics and specialty pharmaceuticals
leader with a diversified revenue base and a global footprint.
On a pro forma basis, for calendar 2006, the combined
company would have had revenues of approximately $4.2
billion, EBITDA of approximately $1 billion and approximately
10,000 employees, immediately making it among the top
tier of global generic companies, with a significant presence
in all of the top five global generics markets,"
the release said.
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World
Bank may pass no confidence move against Wolfowitz
Washington: The World Bank has said that it president
Paul Wolfowitz broke ethics rules in arranging a pay rise
for his girlfriend and it would try to end his tenure
next week, according to US media reports.
US
daily The Washington Post said board members do
not want to vote to fire Wolfowitz since that might provoke
a rupture with the United States but may adopt a resolution
saying they have lost confidence in him, hoping that will
persuade him to resign.
Wolfowitz
is said to be completing a written response to the accusations
against him, the Post said. He will appear before
the board on Tuesday, and the no-confidence vote could
come soon after.
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