Mylan to rename Matrix Lab as 'Mylan'
27 May 2011
US-based drug firm Mylan Inc on Friday announced plans to rename its Hyderabad-based subsidiary Matrix Laboratories as 'Mylan' to extend global brand and prepare for commercial launch of prescription products in India.
Mylan Inc, a multinational generic and specialty pharmaceutical company, had acquired 71.5 per cent stake in Matrix Laboratories, one of the world's largest suppliers of active pharmaceutical ingredients (API), in 2007 for $736 million.
Since then, Mylan has successfully integrated the two organisations, along with the generics business of Merck KGaA, to build a global pharmaceutical platform with $5.5 billion in 2010 revenues, a workforce of more than 17,000 employees, and commercial sales in more than 150 countries and territories.
Since Mylan's acquisition, Matrix's workforce has also grown from approximately 3,800 employees to more than 8,500 employees today.
"Throughout the last four years, Matrix has played a unique and important role in Mylan's transformation into the global and rapidly growing company we are today.
Not only has Matrix contributed to Mylan's very strong growth through the success of its business, it has also made it possible for Mylan to integrate vertically and realise substantial ongoing operational efficiencies on a global basis," Mylan chairman and CEO Robert J Coury said.