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Mylan Inc. (MYL - Analyst Report), one of the leading players in the global generics market, has been focusing on high potential emerging markets like India to drive growth. Over the long term, the biggest opportunities for growth in the generics industry would be expansion in the emerging markets.  Mylan entered the biologics space by striking a partnership with India-based Biocon Ltd in 2009. In Feb 2013, Mylan extended its partnership with Biocon.

In Sep 2013, Mylan’s impending acquisition of Agila Specialties private limited, the injectable drugs division of India’s Strides Arcolab limited, for $1.6 billion in cash moved a step towards closure with clearances from the India's Foreign Investment Promotion Board and the Cabinet Committee on Economic Affairs. The deal, expected to close by year end, is aimed at strengthening Mylan’s presence in the high potential generic injectables market.

The generic segment at Mylan has seen quite a few approvals over the past few months. The segment received encouraging news from India when the Drug Controller General of the country cleared Mylan/ Biocon’s biosimilar version of Roche's (RHHBY - Analyst Report) breast cancer drug Herceptin (trastuzumab). Mylan stated in its press release that the move marks the first approval of a biosimilar emanating from the Mylan/ Biocon partnership. Mylan intends to sell the drug under the trade name Hertraz following its Indian launch in early 2014.

We note that Mylan possesses exclusive commercialization rights for the biosimilar version of the breast cancer drug in the U.S., Canada, Japan, Australia, New Zealand and in the EU and European Free Trade Association countries. In India, Mylan has co-exclusive rights with Biocon to market the drug.

Biosimilars, which are generic versions of biologic drugs, are expected to be a significant growth driver in the generics industry in the coming years. The biosimilars market represents huge commercial opportunity with a significant amount of biologic sales slated to lose patent protection in the coming years.

Mylan carries a Zacks Rank #3 (Hold). Some better-ranked stocks include Actelion Ltd. (ALIOF) and Actavis (ACT - Analyst Report). While Actelion carries a Zacks Rank #1 (Strong Buy), Actavis holds a Zacks Rank #2 (Buy).

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