Mylan snags Merck's generic business

Mylan Laboratories will become the third-largest generic drug company in the world (behind Teva and Novartis) after signing a definitive agreement under which it will acquire Merck's generic business in a deal worth $6.7 billion. Industry observers noted that the acquisition will place Mylan in the number three slot behind Teva and Novartis with a significant presence in all of the top five global generic markets.

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