Secunderabad, India– January 14, 2009–Matrix Laboratories Ltd, India, ("Matrix") today announced the assignment to its parent company of purchase rights for a portion of Astrix Laboratories Ltd (“Astrix”), which it has agreed to acquire from Aspen Pharmacare Holdings Ltd (“Aspen”), South Africa (JSE ltd, APN).
Matrix and Aspen previously announced the execution of agreements pursuant to which Aspen would divest its stake in Astrix, an Indian-based 50-50 joint venture between Matrix and Aspen, to Matrix. The wholly-owned Matrix subsidiary, Matrix Laboratories BV ("Matrix BV"), a company registered and incorporated in accordance with the laws of the Netherlands, agreed to divest its stake in Fine Chemicals Corporation (Proprietary) Ltd, a South African based 50-50 joint venture between Matrix (shares being held by Matrix BV) and Aspen, to Aspen.
Matrix’s parent company MP Laboratories (Mauritius) Ltd, a wholly-owned subsidiary of Mylan Inc. USA, will purchase 49% of Aspen’s divested share; Matrix will purchase the remaining 1%, thereafter holding 51%.
Matrix Chairman Robert J Coury said: "This transaction enables Mylan to assist Matrix and directly demonstrate its commitment to Matrix’s world-class ARV portfolio. Facilitating patient access to affordable treatments for HIV/AIDS all over the world is a critical objective for both Matrix and Mylan, and we have always intended to expand our involvement in the global efforts enhancing the quality of life for those suffering from this devastating disease."
As previously stated, Aspen also has retained a shareholding in Astrix through a Class B share, and Matrix and Aspen have executed long term supply agreements for the supply of antiretroviral (ARV) active ingredients and formulations.
The consummation of the transaction is subject to customary closing conditions, including the receipt of the applicable regulatory approvals.
As part of its planned growth strategy, Matrix has agreed to purchase the Astrix shares from Mylan for fair market value within a two-year period after the closing.
Matrix Laboratories Limited, a subsidiary of Mylan Inc., USA, is a public limited company listed on BSE and NSE, and is engaged in the manufacture of Active Pharmaceutical Ingredients (APIs) and Solid Oral Dosage Forms. Matrix is one of the fastest growing API manufacturers in India and focuses on regulated markets such as U.S. and EU. The company has a wide range of products in CNS, anti-bacterial, anti-AIDS, anti-asthmatic, cardiovascular, gastrointestinal, anti-fungal, pain management and life style related therapeutic segments. All API and FDF manufacturing facilities of the Matrix are approved by the US FDA. For more information about Matrix, please visit www.matrixlabsindia.com.
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