Mylan completes stake acquisition in Matrix

Hyderabad: Mylan Laboratories Inc has completed the acquisition of approximately 51.5 per cent of Matrix's outstanding shares for Rs306 per share in cash pursuant to a share purchase agreement (SPA) with certain selling shareholders.

In the light of the previously-announced closing of the acquisition of 20 per cent of Matrix's outstanding shares under an open offer to Matrix shareholders, MP Laboratories (Mauritius) Ltd, a wholly-owned subsidiary of Mylan, now owns approximately 71.5 per cent of the voting share capital of Matrix.

The total deal value for acquiring 71.5 per cent equity at Rs 306 per share was approximately Rs 3,367 crore.

Mylan now controls in excess of 75 per cent of the voting share  capital of Matrix, engaged in the manufacture of active pharmaceutical ingredients (APIs) and solid oral dosage forms.