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Mylan to buy Aspen’s share in Matrix jv

Mylan to buy Aspen’s share in Matrix jv
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First Published: Thu, Jan 15 2009. 11 37 AM IST
Updated: Thu, Jan 15 2009. 11 37 AM IST
Mumbai: Matrix Laboratories Ltd said on Thursday its parent Mylan Inc will now step in to buy a large part of South Africa-based Aspen’s stake in a joint venture firm.
In October 2008, Aspen and Matrix agreed to divest their stakes in two of their equal joint ventures - Astrix and Fine Chemicals Corp. Aspen had agreed to buy out Matrix’s stake in Fine Chemicals, while Matrix was to acquire Aspen’s holding in Astrix.
Now, Matrix will only buy 1%, while Mylan will acquire 49% through another subsidiary, Matrix said in a statement.
The deal is subject to customary closing conditions and Matrix will acquire the shares from Mylan for fair market value within two years of the deal closure, the firm added.
Matrix did not disclose the value of the deal in its statement on Thursday. Its shares rose as much as 9.9% in early trade after the statement.
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First Published: Thu, Jan 15 2009. 11 37 AM IST