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Mylan acquires rights to 2 Novartis respiratory drugs in $463M deal

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Mylan acquires rights to 2 Novartis respiratory drugs in $463M deal

Mylan NV said it acquired the global rights to two Novartis AG respiratory drugs in a deal valued at about $463 million.

Novartis' TOBI Podhaler and TOBI solution are meant to treat cystic fibrosis, a progressive, genetic disease that causes persistent lung infections and limits the ability to breathe over time.

Mylan expects to settle approximately $240 million of the deal value this year.

The acquisition strengthens Mylan's portfolio of respiratory drugs.