Mylan Pharma Buying Bioniche Pharma in Ireland for $550M From Private Equity Owners
Posted Jul 14 2010 6:31pm
Mylan is the 2nd largest generic drug company in the US and with this acquisition with Bioniche in Ireland, they will have access to a new pipeline of drugs that are in development for cancer and other illnesses as well as an animal health line of products.
Most of the products with Bioniche are sold to hospitals so a new brand name, Mylan Institutional will be applied once the deal has closed. In reporting on this blog there’s a lot of deals going around and companies, health insurance plans, hospitals, etc. all changing hands quickly today. BD
Mylan Inc. said Wednesday that it will buy Bioniche Pharma Holdings Ltd., a company that makes injectable drugs, for $550 million in cash.
Private equity firm RoundTable Healthcare Partners owns a majority stake in Bioniche. Mylan said Bioniche has about 30 products on the market. The Ireland-based company focuses on injectable drugs that have limited competition and which are difficult to develop and manufacture. Bioniche posted around $130 million in revenue in the 12 months ended May 31.
ICC Private Equity Fund, which is managed by the venture capital division of Bank of Scotland Ltd., is selling its stake in the company, too.