The arrangement by Aspen Global Incorporated and its Australian
subsidiaries includes an option for Mylan to buy the portfolio for
approximately 188 million Australian dollars ($136 million), the
company said in a statement.
Aspen said the deal was part of efforts to allow "enhanced
operational focus" and reduce complexity, which also included it
ending several third party licenses in Australia.
Separately, Aspen said it expects the sale of its infant formula
business which it announced in September to French company Lactalis
for 12.9 billion rand ($907 million) to take place by the first
quarter of 2019.
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Proceeds from the disposal will be used to reduce debt and it has
engaged with its creditors to negotiate a conditional and temporary
adjustment to its leverage ratio covenant as of the end of December,
This will allow for an increase in the covenant limit, should the
transaction not be completed by Dec. 31.
(Reporting by Patricia Aruo; Editing by Alexander Smith)
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