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BERLIN (AP) - German drug maker Merck KGaA announced Sunday that it is selling its generic drug business to Mylan Laboratories Inc. of the U.S. for $6.6 billion.
The deal frees Darmstadt-based Merck to concentrate on its core pharmaceutical and chemical activities, while allowing Mylan, a generic drug maker based in Canonsburg, Pa., to expand its global reach.
Merck said that the two companies "signed a share purchase agreement whereby Mylan will acquire all Merck Generics companies throughout the world" and it expects the transaction — which requires regulatory approval — to close in the second half of 2007.
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