MYLAN ACQUIRES INDIAN GENERIC DRUG MAKER MATRIX LABS
Mylan Laboratories moved into the international generic pharmaceutical market ina big way by announcing an agreement to acquire India's Matrix Labs. Under theagreement, Mylan will buy a 51.5% stake at Matrix under a complex formula thatcould drive the final cost as high as $736 million. Matrix Labs will remain a publiclytraded company in India and will continue to operate independently of Mylan.
Matrix Labs, one of the 12 companies authorized to supply medicines to formerPresident Bill Clinton's Clinton Foundation, is also one of India's leading suppliers ofraw materials for use by other generic pharmaceutical manufacturers in India.