Mylan, among others, to participate in bidding for GSK’s old drugs portfolio

Global generic drug giant Mylan Inc and private equity players TPG Capital, Advent International, KKR and Warburg Pincus are among those which will participate for the second round bidding for pharma major GlaxoSmithKline’s (GSK) old drugs portfolio, according to a news report by the Wall Street Journal.

Some Indian drug makers, which could not be identified, have also made it to the second round of bidding. 

The product portfolio, which includes drugs like Paxil for depression, antimalarial Malarone and fish-oil based Lovaza, is expected to fetch as much as £2 billion ($3.3 billion), the newspaper said citing sources. 

Currently, this portfolio of prescription medicine brands brings nearly £1 billion ($1.7 billion) in annual sales in Europe and the US.

GSK had said in May this year that it is planning to sell 50 of its remaining brands.

The company had started selling its non-core assets in 2012 after its sold of its 17 over-the-counter medicine brands to Prestige Brands Holdings for $660 million. It also divested a line of drinks to Japan's Suntory Beverage and Food for $2.1 billion.

Last year, Mylan acquired Bangalore-based Agila Specialties Pvt Ltd, the specialties division of drug firm Strides Arcolab Ltd, for up to $1.75 billion, expanding its worldwide commercial and manufacturing footprint.

The acquisition would help Mylan add a product portfolio of over 300 filings approved globally and marketed via a network spanning 70 countries. These include 61 abbreviated new drug applications (ANDAs) approved by the US drug regulator. 

(Edited by Joby Puthuparampil Johnson)

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