July 14, 2010 / 9:20 PM / 8 years ago

UPDATE 1-Mylan to buy Irish pharma co for $550 mln

* Deal to add to Mylan’s earnings in first year

* Mylan not to assume debt, buy cash

July 14 (Reuters) - Generic drugmaker Mylan Inc (MYL.O) said it plans to acquire privately held Bioniche Pharma Holdings Limited for $550 million in cash, to get an access to the North American injectables market.

Mylan said it expects the deal to close in 60 days and add to its earnings in the first year, without accounting for any operational or other synergies.

Mylan will not assume any of Bioniche’s outstanding debt or acquire its cash, the company said in a statement.

Galway, Ireland-based Bioniche Pharma, a maker of injectable products, had net revenue of about $130 million for the 12 months ended May 31, with most of it coming from the United States, Mylan said.

    Mylan said it will merge its unit dose business UDL Laboratories with Bioniche Pharma to form Mylan Institutional, a new hospital or institutional business in the company’s generics segment.

    Shares of Mylan closed at $17.85 Wednesday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Vyas Mohan)

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