New Delhi: The Foreign Investment Promotion Board (FIPB) has cleared US-based pharmaceutical firm Mylan Inc's Rs 5,168 crore proposal to acquire Indian generic drugs company Agila Specialties.
The proposal will now have to be approved by the Cabinet Committee on Economic Affairs (CCEA), as it involves investments of more than Rs 1,200 crore.
The Department of Industrial Policy & Promotion (DIPP) had earlier objected to the takeover on the grounds that it could affect the availability of oncology (cancer-related) injectables, which are produced by just a couple of Indian drug-makers.
