Mylan seeks to buy rest of Matrix

US generics major Mylan says it plans to gain full control of India-based Matrix Laboratories from minority shareholders. Through a  wholly-owned subsidiary, the US firm currently owns around 71.2% of  Matrix and holds over 76% of its voting rights, as a result of its  acquisition of the stock in 2006 for approximately $736.0 million, a  move that provided it with a significant presence in the emerging  pharmaceutical markets in China, India and Africa.

Mylan has approved an indicative purchase price of up to 150 rupees per  share, a 27% premium to the last trading day before the announcement,  meaning that the remaining 45 million shares in Matrix would have a  value of around $133.0 million. The US firm says such a deal is expected  to be accretive to its 2009 earnings, and noted that Matrix would be  de-listed.