Mylan acquires Merck generic pharmaceutical company for $7B

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Mylan has completed the acquisition of Merck KGaA's generics business for $6.95 billion in an all-cash transaction.

With the acquisition, the Pittsburgh-based Mylan said it will employ more than 11,000 staff, and its product offering will now include more than 570 products.

Mylan also announced that the company will change its name from Mylan Laboratories Inc. to Mylan Inc, and it has changed its financial year to begin reporting on a calendar- year basis.