Mylan plans $5bn investment in Andhra Pradesh
news Tuesday, April 21, 2015 - 05:30
In one of the largest foreign investment proposals for Andhra Pradesh, the $7.75 billion US-based generics drug maker Mylan Inc said on Monday that it plans to invest $5 billion to expand its presence in the state. "We are looking at expanding our presence with an additional investment of $5 billion in Andhra Pradesh," Rajeev Mukundan, Mylan's senior vice-president (Legal) was quoted as saying in a communique issued by chief minister N. Chandra Babu Naidu's office. Mukundan, who was part of a delegation of the United States-India Business Council, met Naidu and spoke about the group's plans in the state, including the $5 billion investment. The company official said the group has four facilities in the coastal city of Visakhapatnam. Earlier this year, Mylan's India arm was roped in for a $750 million acquisition of the women's healthcare business from Mumbai-based Famy Care, that has a presence in generic oral contraceptive products. This was among some of the major acquisitions made by the group in the past. Besides its manufacturing facilities, Mylan has research and development facilities for what are called active pharmaceutical ingredients and finished dosage formulations in Hyderabad and for injectables at Bengaluru. These facilities employ more than 1,000 scientists. Headquartered in Pennsylvania, Mylan is a global generic and pharma company and its presence in India has been since 2007 when it acquired Matrix Laboratories. The company was renamed Mylan Labs four years later. Globally, it claims a portfolio of more than 1,300 generic pharma and branded medications, and employs some 25,000 people -- half of them in its India facilities. The company started its commercial operations in India in August 2012 with a portfolio of 15 anti-retroviral products for HIV/AIDS, including heat-stable combinations, and pediatric formulations. In February 2014, the company said, it launched the first Trastuzumab biosimilar, Hertraz, in India, which is considered a more affordable treatment option for women with metastatic breast cancer.