Mylan looks to sell off Vizag formulations unit it acquired in 2012

Some reports term the move as a case of an acquisition strategy going wrong

American generics drug major Mylan is looking for a buyer for its formulations manufacturing facility in Vizag Pharma City.

While there was no official conformation either on the decision or the reasons behind it from Mylan's Indian subsidiary, sources aware of the matter said the plant has been on the block for some time now.

Mylan, which entered India with its maiden acquisition of Hyderabad-based Matrix Laboratories in 2007, has built a huge global manufacturing base in the country since. Most of this has been through the inorganic route. Twenty-five out of its 40 manufacturing facilities and one of the company's three