Strides Arcolab Limited Completes $1.75 Billion Sale Of Agila Specialties To Mylan Inc.

Published: Dec 05, 2013

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Drug maker Strides Arcolab on Thursday said it has completed the sale of its Agila Specialties division to Mylan Inc for a total consideration of up to $1.75 billion. The company, however, said it has agreed to a hold back of $250 million due to a warning letter received by it from the USFDA for one of its injectable facilities in Bangalore. In a statement, the company said since the initial announcement of the transaction, the board of directors approved final transaction terms to include "a hold back of $250 million contingent upon satisfaction of certain regulatory conditions".

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