India has approved a $1.9 billion bid for pharmaceuticals company Agila Specialties, as the country strives to dispel its image as a hostile destination for foreign investors.
Mylan, a US company that makes generic drugs, signed an agreement to buy Agila from Strides Arcolab in late February, but the acquisition stumbled after one set of regulators complained that selling to a foreign buyer could affect the availability of important cancer drugs in India.
The competition authorities took a different view, waiving the deal through on the grounds that Agila had an insignificant presence in the Indian pharmaceuticals market. Most of the drugs it makes are sold...
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