Mylan Laboratories Inc., has completed its acquisition of 51.5 per cent of the Matrix Laboratories outstanding shares for Rs 306 per share in cash pursuant to a share purchase agreement (SPA) with certain selling shareholders. MP Laboratories (Mauritius) Ltd, a wholly owned subsidiary of Mylan, now owns around 71.5 per cent of the voting share capital of the Matrix.

Including the Matrix's shareholdings maintained by N Prasad, which is subject to a voting arrangement with Mylan, Mylan controls in excess of 75 per cent of the voting share capital of the Matrix. The selling shareholders under the SPA include N Prasad and certain of his affiliates, India Newbridge Investments Ltd (a joint venture between Texas Pacific Group and Blum Capital Partners) and its affiliates, Maxwell (Mauritius) Pte Ltd and Spandana Foundation.

Following the closing of the SPA, the Newbridge and Maxwell selling shareholders have invested a portion of their proceeds in Mylan common stock. N Prasad also has agreed to invest $25 million of his proceeds in Mylan stock, in a private transaction anticipated to close by the end of January.

Robert J Coury, Mylan's vice chairman and CEO, has been appointed non-executive chairman of the board of the Matrix Laboratories. N Prasad will serve as non-executive vice chairman of the board of the matrix and head of global strategies in the office of the CEO at Mylan. Mylan also announced the establishment of an Asian headquarters in Singapore, where N Prasad and several members of his team will be located. The size of Mylan's Board of Directors has been increased to ten members, and N Prasad has been appointed to the Mylan Board.

Coury commented: "Although today's announcement marks the successful closing of the transformational Matrix transaction, it also marks the beginning of a new era at Mylan where our organization is continuing to expand beyond our well-established position as a leading domestic generic pharmaceutical company towards our objective of establishing Mylan as a world leader in generics and specialty pharmaceuticals."