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Aug 29 2006, 2:40 PM EST

Mylan Labs to Acquire Controlling Interest in Matrix Labs for $736M

GEN News Highlights

Pittsburgh-based Mylan Labs will purchase 71.5% of the shares of Hyderabad, India-based Matrix Labs for about $736 million. Matrix will remain a publicly traded company in India and will continue to operate on an independent basis. “This acquisition deepens Mylan’s vertical integration and enhances its supply-chain capabilities,” according to Mylan labs’ vice chairman and CEO Robert Coury. N. Prasad, executive chairman of Matrix, will join Mylan’s board of directors and executive management team. Mylan and Matrix have approximately 5,100 employees in ten countries. Matrix will provide Mylan with significant presence in emerging markets such as India, China, and Africa, as well as a European footprint through Matrix’ subsidiary in Europe, Docpharma.

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