€44m boost for Mylan's Irish arm
Published 08/01/2013 | 05:00
THE Irish arm of international drug firm Mylan, which is boosting its operations in Ireland with the creation of up to 500 jobs, has received a €44m cash boost from one of its Luxembourg units.
US-headquartered Mylan announced last year that it was initiating a €380m expansion of its Irish activities, creating the new jobs in Galway and Dublin by 2016. About 220 of the new jobs are to be created in Galway and 280 in Dublin. The company already employs about 700 people in Ireland through its Gerard Laboratories and Bioniche Pharma units.
New filings show that Ireland-based Mylan Investments received just over €44m in cash from a Luxembourg-based Mylan firm last month. The firm in the Duchy acquired slightly more than 44m shares in Ireland-based Mylan Investments.
Mylan Investments was the vehicle used by the company in 2010 to acquire Ireland-based but US-owned Bioniche Pharma for $550m (€419m).
Mylan's expansion is being supported by the IDA. The company is one of the world's leading manufacturers of generic and branded pharmaceutical products. It employs 18,000 people, and has a substantial presence in India.