Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Matrix Lab increases stake in Chinese firm
BackBack

Matrix Lab increases stake in Chinese firm

Matrix Lab increases stake in Chinese firm

Premium

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 25 Jan 2008, 03:55 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie