Mylan completes acquisition of Merck Generics

By Devika Patel

Knoxville, Tenn., Oct. 2 - Mylan Laboratories Inc. announced that it has completed its acquisition of Merck KGaA's generics business.

Mylan and Merck initially announced the agreement under which Mylan would acquire Merck Generics for €4.9 billion in an all-cash transaction on May 12.

"The new Mylan now has all of the critical attributes we need to ensure future success and deliver powerful growth. We have enhanced scale and stability, a truly global reach, vertical and horizontal integration, and breadth and depth in our management team. Most importantly, we have a common purpose and dedication to executing on our strategy and delivering superior shareholder returns," Mylan's vice chairman and chief executive officer Robert J. Coury said in a press release.

Based in Canonsburg, Pa., Mylan is a pharmaceutical company. Merck is a pharmaceutical company located in Darmstadt, Germany.

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