Pharma major Mylan puts Andhra Pradesh plant on sale

Global pharma giant Mylan has put its Andhra Pradesh manufacturing facility on the block.

Mylan’s Vizag plant manufactures bulk drugs and formulations of oncology injectables.

Sources told CNBC-TV18 that the plant is not garnering enough interest from buyers. A number of them had come and reviewed the plant without any concrete outcome.

The plant has been on the block for some time as it turned out to be an acquisition strategy gone south.

The Vizag-based facility, acquired in 2011 from SMS Pharma for about USD 33 million, failed to add much value to Mylan.

The US-headquartered company has made its presence felt in the Indian pharmaceutical market through several acquisitions. Since 2007, the company has made as many as seven acquisitions including two big ones—Matrix Laboratories and Agila Specialties.