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Mylan Laboratories moved into the international generic pharmaceutical market in a big way by announcing an agreement to acquire India's Matrix Labs. Under the agreement, Mylan will buy a 51.5% stake at Matrix under a complex formula that could drive the final cost as high as $736 million. Matrix Labs will remain a publicly traded company in India and will continue to operate independently of Mylan.
Matrix Labs, one of the 12 companies authorized to supply medicines to former President Bill Clinton's Clinton Foundation, is also one of India's leading suppliers of raw materials for use by other generic pharmaceutical manufacturers in India.