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Mylan Says It Will Buy Rest of Matrix for $133M

Thu, 03/26/2009 - 11:28am
PITTSBURGH (AP) — Mylan said Thursday it plans to buy the rest of Matrix Laboratories Ltd. of India for as much as $133 million. Mylan bought 71.2 percent of Matrix in January 2007, and said the deal will add to its profit in 2009. The company, which describes itself as the third largest specialty and generic drugmaker in the world, said the purchase will improve its flexibility and efficiency. Mylan said it is offering a premium of 27 percent to the stock's closing price Thursday on the National Stock Exchange and the Bombay Stock Exchange. If Mylan is able to purchase more than 90 percent of all outstanding shares, Matrix will be delisted from those exchanges. Matrix reported $444.8 million in revenue in 2008, or more than a third of Mylan's annual total of $1.2 billion.

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