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Mylan to take over India's Matrix Labs
By agencies
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Tuesday, 29 August 2006, 19:30 IST |
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HYDERABAD: Canonsburg, PA based drug maker Mylan Laboratories Inc. today said it will acquire 71.5 percent stake in one of India?s largest drug makers Matrix Laboratories. The acquisition of majority stake will cost Mylan $736 million. This will be one of the biggest acquisitions in the pharmaceutical industry in India in recent time. In a statement released by the companies, Mylan said it would buy 51.5 percent stake at Matrix for $6.50 per share and will acquire the remaining 20 percent by making an offer to Matrix shareholders. Even after the deal materializes, Matrix will continue to operate independently and will remain a listed company. Post acquisition, both companies together will have about 5,100 employees in 10 countries.