Mylan buying some women's health care businesses from Famy Care for $750 million

MarketsAssociated Press

Generic drugmaker Mylan is buying some women's health care businesses from Indian health care company Famy Care Ltd. for $750 million.

The deal also includes additional contingent payments of up to $50 million.

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Mylan Inc. said Monday that the transaction will help speed up its growth in the global women's health care segment. The company said the deal will also complement its pending acquisition of Abbott's non-U.S. developed markets specialty and branded generics business, which also includes a women's health care portfolio.

Mylan said that the acquisition of the Famy Care businesses is also expected to make it a hormonal contraceptives leader in high-growth emerging markets.

Famy Care and Mylan have worked together since 2008. They have existing partnerships in North America, Europe and Australia.

Mylan said that the transaction is expected to immediately add to its adjusted earnings per share once it closes.

The deal is targeted to close in the second half of the year.