Matrix Lab increases stake in Chinese firm

Matrix Lab increases stake in Chinese firm
PTI
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First Published: Fri, Jan 25 2008. 03 55 PM IST
Updated: Fri, Jan 25 2008. 03 55 PM IST
Mumbai: Drug manufacturer Matrix Laboratories Friday said it has increased its stake in China-based Mchem group of companies for an undisclosed amount.
After the acquisition, the aggregate shareholding of the company stands at 97% in the Chinese company, Matrix Laboratories said in a communique to the Bombay Stock Exchange.
The acquisition would help the US generic drugs major Mylan Laboratories, which holds a majority stake in Matrix, to strengthen its control in the Chinese company.
Mylan Laboratories had acquired 51% stake in Hyderabad-based Matrix Laboratories for $736 million and through Matrix, it had acquired the stake in Mchem, manufacturer of number of intermediaries and active pharmaceutical ingredients.
Stocks of Matrix Laboratories were trading at Rs158, up 4.02% on the BSE.
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First Published: Fri, Jan 25 2008. 03 55 PM IST