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Merck Completes Sale of Generics Business to Mylan for EUR 4.9 Billion05 Oct 2007 -
Merck KGaA announced that it has completed the sale of its worldwide Generics business to Mylan Laboratories Inc. Closing was accomplished via a purchase agreement whereby Mylan acquired all Merck Generics companies throughout the world for EUR 4.9 billion.
Proceeds of the sale will be booked in the fourth quarter. As previously announced Merck intends to use the funds to pay down debt. As part of the transaction, Mylan has the right to use the Merck name in connection with the acquired business for a transitional period of up to two years after closing. Merck Generics generated EUR 1,819 million of sales in 2006 and had nearly 5,000 employees.
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Merck KGaA
Darmstadt, Germany
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Mylan Laboratories Inc.
Canonsburg, PA, United States of America
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