mylan-makes-major-pharma-acquisition-in-india

Mylan makes major pharma acquisition in India

NYSE-listed Mylan Laboratories to acquire 71.5% of IndiaÆs Matrix Laboratories for a maximum price of $736 million in deal in which private equity investors in Matrix Laboratories will take a stake in acquirer, Mylan.
August 28, 2006
NYSE listed Mylan Laboratories Mylan announced on August 28 that it will acquire 71.5% of IndiaÆs Matrix Laboratories for a maximum price of $736 million. The transaction has been structured in a way that part of the gains realised by the private equity firms on their investment in Matrix Laboratories will be reinvested in acquirer, Mylan. The deal values Matrix at $1.03 billion and represents a 22 times earnings multiple. The transaction is one of the largest to date for India's pharmaceutical industry.

The transaction will be effected through the purchase of 51.5% of Matrix shares through a negotiated agreement with the private equity firms and an open offer, pursuant to IndiaÆs takeover code, for...
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