Mylan completes $550M acquisition of Bioniche Pharma

Pittsburgh’s Mylan Inc. (NASDAQ: MYL) has completed its acquisition of Bioniche Pharma Holdings Ltd. sooner than expected, launching a North American institutional business that includes the Irish company’s injectable drugs.

Generic and specialty drugmaker Milan’s $550 million acquisition — announced in July — gains it entrance to the North American injectables market. Milan expects Bioniche to add to its earnings in the first year of ownership.

The newly launched institutional business will provide a differentiated product tailored to institutions like group purchasing organizations, wholesalers, hospitals, surgical and radiology services and long-term care facilities, Mylan said in a release.

“Mylan Institutional will include, among other offerings, Bioniche Pharma’s diverse portfolio of products across several therapeutic areas for the hospital setting, including analgesics/anesthetics, orthopedics, oncology and urology,” Mylan President Heather Bresch said in the release. “Its robust pipeline includes 15 Abbreviated New Drug Applications pending [Food and Drug Administration] approval, and more than 25 additional products in various stages of development.”