Mylan Laboratories Inc. said Tuesday it completed the acquisition of Merck KGaA's generics unit for about $6.8 billion.
Generic and specialty pharmaceutical company Mylan, also announced its name change to Mylan Inc., and named Heather Bresch as chief operating officer.
Bresch was previously chief integration officer and head of North American operations.
Global Presence
The deal which was announced in May, makes Canonsburg-based Mylan the third largest generic company worldwide, employing more than 11,000 people and the company now has a global presence in more than 90 countries.
It now has more than 570 products and the world's second largest portfolio of active pharmaceutical ingredients with 126 US drug master files.
New Mylan
Mylan says it will benefit from substantial operational efficiencies and economies of scale from increased sales volumes and its vertically and horizontally integrated platform.
Robert Coury, Mylan's vice chairman and CEO, said: "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."
The Company also confirmed that it has changed its financial year to begin reporting on a calendar yearbasis.
October 5 2007
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