Mylan Inc. (MYL) Drops Out of Rottapharm Talks, According to Sources
3/19/2012 7:48:27 AM
Generics drug maker Mylan has pulled out of talks to buy a stake in Italian pharmaceuticals firm Rottapharm, two people familiar with the situation said, posing another setback to the arduous sales process that has been dragging on since the middle of last year. The Rovati family had been looking to find an investor among rival pharma groups such as Mylan, Forest Laboratories and Watson Pharmaceuticals, after it failed to sell a minority stake to private equity houses. But the sources said the selling family has not been able to agree to give up control of the company and was not prepared to compromise enough on price either. As a result Mylan, based in Canonsburg, Pennsylvania, and the world's third largest generic drugs maker, is no longer in talks with Rottapharm's owner, two of the people said.