Mylan Inc. (MYL)'s $1.6 Billion Strides Arcolab Limited Deal Put on Hold
7/9/2013 6:54:13 AM
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Mylan Inc. (MYL)’s $1.6 billion acquisition of a Strides Arcolab Ltd. (STR) unit has been put on hold as Indian regulators raise concern about foreign ownership of companies that make cancer drugs, the Economic Times reported. India’s Foreign Investment Promotion Board deferred a decision on the acquisition July 8, the newspaper said in a story today on its website. Regulators worry Canonsburg, Pennsylvania-based Mylan may steer oncology treatments made in India to the U.S. market, making them less available at home, the newspaper reported. “We remain confident in our ability to complete the transaction in the fourth quarter of this year,” Nina Devlin, a Mylan spokeswoman, said in an e-mail today. She didn’t address a question asking if the Economic Times report was accurate.
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