(Reuters) - Mylan Inc (MYL.O) said it would buy Indian drugmaker Famy Care Ltd’s female health businesses for about $750 million in cash and $50 million in contingent payments to expand its line of women’s health products.
Mumbai-based Famy Care is a leader in generic oral contraceptives. Monday’s announcement marks Mylan’s second deal with an Indian drugmaker after it bought Bangalore-based Strides Arcolab’s injectable drugs unit for $1.6 billion in 2013.
U.S.-based pharmaceutical giants have in recent years been trying to woo drugmakers in fast-growing emerging markets to reap the benefits of cheaper production facilities.
Famy Care, which also makes intra-uterine devices and hormone-replacement therapy products, will spin off some businesses into a separate company, which will then be bought by Mylan, the companies said in a statement.
The companies already have a partnership stretching back to 2008, under which Famy Care makes and supplies oral contraceptive pills that Mylan sells in the United States.
Mylan said it expects the deal to close in the second half of 2015 and to complement its pending acquisition of Abbott Laboratories’ (ABT.N) non-U.S. generics business.
Reporting by Vidya L Nathan in Bengaluru; Editing by Savio D'Souza and Simon Jennings