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Mylan Buys Share of Indian Drug Maker


Posted on 2006-12-21 11:58:00



Generic drug developer Mylan Laboratories Inc. said Thursday it bought a 20 percent stake in Matrix Laboratories Ltd. for about $6.84 per share or about $210.7 million.

Mylan's purchase of roughly 30.8 million shares in a public offering is part of the company's plan to acquire 71.5 percent of Matrix's outstanding stock. The deal was first announced in August, and is expected to be complete in the first quarter of 2007.

Matrix, headquartered in the southern Indian city of Hyderabad, makes pharmaceutical ingredients for India's generic drug makers.


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