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Matrix and Strides Call-Off Merger Plans
Hyderabad, July 23, 2005
Strides to license hospital injectable products to Docpharma
Matrix to strengthen ARVs business with Strides
Matrix Laboratories Limited and Strides Arcolab Limited today announced that the proposed merger, which was approved in principle by the Board of Directors of both the companies at their meetings on 1st Jun 2005, has been called off. The two companies were unable to reach an agreement on valuation.
In a joint statement, Mr. N. Prasad, the Executive Chairman of Matrix Laboratories, and Mr.Arun Kumar, the Group CEO & Managing Director of Strides, stated:
"The intention of merger was based on a strong business strategy and the potential benefits of integration. However, while it is unfortunate that the agreement could not be reached on valuation, the managements of the two companies recognize and will harness the strategic relationship envisaged in the rationale of the merger.
Managements of both the companies respect each others businesses and will continue to grow them independently while combining the strengths for mutual benefits."
In line with such mutually beneficial business objective, Strides will license a range of hospital injectable products to Docpharma [recently acquired by Matrix] for Benelux markets and Matrix will further strengthen cooperation agreements in the Anti Retro Viral (ARV) business Strategy by enhancing the scope of the present understanding.
About Matrix Laboratories
Matrix Laboratories Limited is a public limited company listed on the major stock exchanges in India and is engaged in the manufacture of Active Pharmaceutical Ingredients [APIs] and Solid Oral Dosage Forms.
With about 2000 employees, including over 200 R&D scientists, Matrix conducts research and development, and manufacturing products at the company's cGMP facilities located near Hyderabad and Visakhapatnam, India. The company's Solid Oral Dosage Forms facility is located near Nashik, about 150 km from Mumbai.
Matrix has filed for 46 DMFs with US FDA as of March 2005 and a further 24 filings are planned during the year. Matrix has also filed for 29 patents and 9 novel polymorphs.
The company's focus on Quality, Safety, Environment and Occupational Health is pronounced and some of its plants are approved by regulatory agencies such as USFDA, EDQM - EU, TGA (Australia) and some of the largest multinational pharmaceutical companies.
For the financial year ended March 2005, Matrix reported revenues of Rs.6.71 billion and profit after tax of Rs.1.30 billion.
About Strides Arcolab Limited
Strides is one of India's largest exporters of branded generic pharmaceuticals products. Strides manufactures pharmaceuticals formulations in various dosage forms, including capsules, tablets, liquid injectables and is one of the world's top five manufacturers of soft gel capsules. Strides also has the only globally dedicated soft gel facility for hormones. In addition, Strides undertakes contract research and the manufacturing of speciality chemicals for various multinational companies. Strides has a major presence in various developing countries such as Africa, Latin America and Asia as well as in developed markets such as the US, Canada and parts of Europe. Strides is one of the largest Indian suppliers of institutionally funded aid projects and is an approved supplier to the World Bank, the African Development Bank and UNICEF, amongst others.
Strides has 11 manufacturing plants spread across the US, Brazil, Mexico and India. This broad manufacturing network facilitates partnering with global organisations ranging from UNICEF and WHO-Global Drug Facility to European and American pharmaceutical multinationals and also private labellers and distribution chains. Strides has product registrations in over 37 countries around the world and has earned ISO 9001, ISO 14001 and GMP accreditations including USFDA. Strides employs approximately 1,300 people across the globe. Strides also has a marketing presence in over 50 countries.
In the recently concluded 15 month financial year ending December 31, 2004, Strides had consolidated revenues of Rs. 4.62 billion and profits after tax of Rs. 440 million. Strides is listed on the National Stock Exchange and Bombay Stock Exchange.
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Mr. N. Prasad
Executive Chairman
Matrix Laboratories Ltd
Tel: +91-40-27700351
Fax:+91-40-27700356
E-mail : Prasad.n@Matrixlabsindia.com |
Mr. C. Ramakrishna
Director
Matrix Laboratories Ltd
Tel:+91-40-27700351
Fax: +91-40-27700356
E-mail : ramakrishna.c@matrixlabsindia.com
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