PITTSBURGH A subsidiary of generic drug maker Mylan has completed its delisting offer for the publicly held shares of Matrix Labs for $4.49 per share.
Mylan bought a controlling interest in India-based Matrix, which manufactures active pharmaceutical ingredients, in 2007. Under the deal, the percentage of Matrix held by outside shareholders will be less than 8%, allowing the delisting of the company from Indian stock exchanges, after which it will become a privately owned subsidiary of Mylan.
“I am very pleased with this positive development in the Matrix delisting process,” Mylan chairman and CEO Robert Coury said. “Not only is the transaction immediately accretive to Mylan, it enhances the ease of operations between the companies and increases operational efficiencies.”