Mylan moves to expand its European presence with acquisition

Already in the midst of a yearlong merger, generic drug giant Mylan announced an acquisition to expand its presence in Europe and its portfolio of products that prevent blood clots.

Mylan, which is incorporated in the Netherlands and has executive offices in Cecil, announced Tuesday it would acquire Aspen Pharmacare Holdings Limited’s thrombosis business in Europe.

The deal, which is expected to close before year end, will cost Mylan 641 million euros, or about $ 756 million, the company said.

Aspen, a South Africa- based pharmaceutical company, produces injectable anticoagulants that help prevent blood clots. The company will retain manufacturing and product- supply responsibilities and supply Mylan with the finished product, according to a press release announcing the acquisition.

Aspen’s portfolio of products for thrombosis had combined net sales of 231 million euros, or about $ 272 million, for the year ending June 30.

The acquisition will bolster Mylan’s existing commercial infrastructure, President Rajiv Malik said in a prepared statement. “By adding to our highly experienced sales and marketing team, we will further strengthen our current reach in hospitals and enhance the future growth of our biosimilars franchise in Europe,” he said.

Mylan’s planned merger with Pfizer’s Upjohn, which will produce a newly formed company called Viatris, is still expected to close by the fourth quarter of this year. Mylan announced in March the deal would take longer than originally anticipated due to expected delays in the regulatory approval process because of the pandemic.

After lowering sales estimates for the full year, Mylan in August reported net income of $ 39.4 million, or 8 cents per share, for the second quarter. That compared to a loss of $ 168.5 million, or 33 cents, in the same period last year.

COVID- 19 hurt retail- pharmacy sales and nonvirus- related visits to the hospital and Mylan reported revenue fell 4% to $ 2.73 billion from $ 2.85 billion in the second quarter of 2019.

Earlier this month, Mylan received a warning letter from the U. S. Food and Drug Administration “for significant deviations from current good manufacturing practice” in the making of active pharmaceutical ingredients at the company’s plant in Sangareddy District, India. The warning comes several months after the FDA issued a similar letter to the company in November about a different unit in Andhra Pradesh, India.