Mylan Labs Buying Majority Of Matrix

Companies reach acquisition agreement worth $736 million.

Mylan Laboratories said Monday it will acquire up to 71.5 percent of the shares of India's Matrix Laboratories Ltd. Mylan will purchase 51.5 percent of Matrix’s outstanding shares and make an offer to the remaining shareholders for up to an additional 20 percent. The total price is anticipated to be $736 million.

Robert J. Coury, Vice Chairman and CEO of Mylan said the purchase “deepens Mylan’s vertical integration and enhances its supply chain capabilities.”

N. Prasad, Executive Chairman of Matrix, will join Mylan’s Board of Directors and executive management team.

When combined, the companies will have 5,100 employees in 10 countries.

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