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Mylan buys API plant in India

5:12 AM MDT | October 23, 2012 | Deepti Ramesh

Active pharmaceutical ingredients (API), intermediates, and formulations manufacturer SMS Pharmaceuticals (Hyderabad, India) informed the Bombay Stock Exchange (Mumbai) that its board of directors has decided to sell its plant at Visakhapatnam, India, to Mylan Laboratories (Hyderabad), a subsidiary of Mylan (Canonsburg, PA), for 1.73 billion Indian rupees ($33 million). The plant manufactures APIs and formulations for oncology drugs. This acquisition is Mylan’s second in India. Mylan completed the acquisition of a 71.5% stake in Matrix...

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