Mylan to buy Agila Specialties from Strides for $1.6 billion

REUTERS - Generic drugmaker Mylan Inc said it would buy Agila Specialties from Strides Arcolab Ltd for $1.6 billion to expand its injectable drugs business.

Mylan, one of the world's largest generic drugmakers with more than 1,100 products, said the acquisition is expected to immediately add to Mylan's adjusted diluted earnings per share following closing.

Mylan said the deal was unanimously approved by its board.

(Reporting By Adithya Venkatesan; Editing by Saumyadeb Chakrabarty)