matrix-parent-buys-aspens-share-in-astrix-laboratories

Matrix parent buys Aspen's share in Astrix Laboratories

In a move cheered by investors, Indian pharmaceuticals firm Matrix has persuaded its US-based parent Mylan Laboratories to purchase Aspen's stake in the Astrix joint venture.

By Daniel Inman

January 15, 2009

Andhra Pradesh-based Matrix Laboratories, a manufacturer of active pharmaceutical ingredients API and solid oral dosage forms, has assigned to its US-based parent company, Mylan Laboratories, the rights to buy the bulk of Aspen Pharmacare Holdings' 50% stake in a joint venture with Matrix. The consideration for the deal has not been disclosed.

The joint venture, Astrix Laboratories, is an Indian-based producer of anti-retroviral APIs. It was established as a 5050 JV between Matrix and Aspen, a South African pharmaceutical company that ranks as AfricaÆs largest medical drug manufacturer. Aspen is also Astrix's main customer.

Matrix and Aspen decided last year to unwind the JV and the intention was that Matrix would buy...

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