Navigation Links
Mylan Announces Intention to Purchase Remaining Interest in Matrix Laboratories and Delist Matrix from Indian Stock Exchanges
Date:3/26/2009

PITTSBURGH, March 26 /PRNewswire-FirstCall/ -- Mylan Inc. (Nasdaq: MYL) today announced its plans to purchase the remaining interest in Matrix Laboratories Limited from minority shareholders pursuant to a voluntary delisting offer. Mylan, through a wholly-owned subsidiary, currently owns approximately 71.2% of Matrix and controls more than 76% of its voting rights. The impact of the transaction is anticipated to be accretive to Mylan's 2009 earnings.

Mylan Vice Chairman and CEO Robert J. Coury commented: "Purchasing the remaining interest in Matrix and delisting it from the exchanges will provide Mylan an opportunity for enhanced flexibility and efficiencies in managing our global technical and commercial operations platform. This move represents another step toward achieving our goal of becoming the most efficient global generics and specialty pharmaceutical company in the industry. The transaction also would provide Matrix's public shareholders with an attractive near-term liquidity opportunity."

Mylan has approved an indicative acquisition price of up to Rs 150 per share. This price reflects a premium of 27% of the closing share price of Matrix on March 26, the last trading day before the announcement. It also represents a premium of 54% and 77% over Matrix's average share price during the last month and last six months, respectively.

If as a result of the delisting offer, the total promoter shareholding (including 4.97% shares held by the Indian promoter) exceeds 90% of all outstanding shares, Matrix will be delisted from the Bombay Stock Exchange (BSE) Limited and the National Stock Exchange (NSE) of India Limited. The delisting process is expected to take approximately 12 weeks subject to obtaining regulatory approvals. If Mylan acquires all remaining 45 million shares, the aggregate purchase price will total approximately $133 million. Mylan intends to fund the purchase using current cash balances.

The acquisition and delisting are conditional upon Mylan's acceptance of the exit price per share, which Mylan may accept or reject at its sole discretion, as well as receipt of any statutory or regulatory approvals.

This press release contains statements that constitute "forward-looking statements," including with regard to the planned share acquisition and delisting, the price per share, the transaction's impact on earnings, anticipated timing and the company's expectations for the future. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: unexpected regulatory or legal challenges; shareholders' decisions regarding pricing and selling their shares, including due to market fluctuations; Mylan's decision to reject the exit price per share; changes in economic and financial conditions affecting the company's business; uncertainties and matters beyond the control of management; and the other risks detailed in the company's Form 10-K for the year ended Dec. 31, 2008, and its other reports filed with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Mylan Inc., which provides products to customers in more than 140 countries and territories, ranks among the leading diversified generic and specialty pharmaceutical companies in the world. The company maintains one of the industry's broadest -- and highest quality -- product portfolios, supported by a robust product pipeline; owns a controlling interest in the world's third largest active pharmaceutical ingredient manufacturer; and operates a specialty business focused on respiratory and allergy therapies.


'/>"/>
SOURCE Mylan Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mylans Matrix Receives Tentative FDA Approval Under PEPFAR for First Generic, Heat-Stable Version of HIV Protease Inhibitor
2. Mylans Matrix Receives WHO Approval for First Generic, Heat-Stable Version of HIV Protease Inhibitor
3. Mylan Announces Transition of Chief Financial Officer
4. Mylan Vice Chairman and CEO Robert J. Coury to Ring NASDAQ Stock Market Opening Bell
5. Mylan Schedules Fourth Quarter Financial Results Conference Call and Live Webcast
6. Mylan Receives FDA Approval for First-to-File Generic Depakote(R) ER
7. Mylan Declares Quarterly Preferred Stock Dividend
8. Mylan Receives Final FDA Approvals for Generic Versions of Lamictal(R) Tablets and Lamictal(R) CD
9. Mylan Receives Final FDA Approval for Generic Version of Prilosec(R) Delayed-Release Capsules, 40 mg
10. U.S. Patent and Trademark Office Issues Mylans Specialty Division, Dey L.P., Three Additional Patents Protecting Perforomist(R) Inhalation Solution
11. Mylan to Present at the 27th Annual J.P. Morgan Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... June 25, 2016 , ... Austin residents seeking Mohs surgery services, ... Mohs Surgery and to Dr. Russell Peckham for medical and surgical dermatology. , Dr. ... skin cancer. The selective fellowship in Mohs Micrographic Surgery completed by Dr. Dorsey was ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. ... from injury. Recently, he has implemented orthobiologic procedures as a method for treating ... one of the first doctors to perform the treatment. Orthobiologics are substances that ...
(Date:6/24/2016)... Michigan (PRWEB) , ... June 24, 2016 , ... June ... about the dangers associated with chronic pain and the benefits of holistic treatments, ... individuals who are suffering with Sickle Cell Disease. , Sickle Cell Disease (SCD) is ...
(Date:6/24/2016)... ... 24, 2016 , ... Comfort Keepers® of San Diego, CA is excited to ... Recovery® program to drive cancer patients to and from their cancer treatments. Comfort ... quality of life and ongoing independence. Getting to and from medical treatments is ...
(Date:6/24/2016)... Las Vegas, Nevada (PRWEB) , ... June 24, ... ... their Las Vegas client, The Grove Investment Group (TGIG), has initiated cultivation and ... The Grove, in Las Vegas and Pahrump, Nevada. , Puradigm is the manufacturer ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016 ... appointment of Dr. Edward Futcher to ... Director, effective June 23, 2016.Dr. Futcher was also ... and Governance Committees.  As a non-executive member of ... expertise and strategic counsel to VolitionRx in connection ...
(Date:6/23/2016)... June 23, 2016 Any dentist who has made ... the current process. Many of them do not even offer ... difficulties and high laboratory costs involved. And those who ARE ... at such a high cost that the majority of today,s ... Dr. Parsa Zadeh , founder of Dental Evolutions Inc. ...
(Date:6/23/2016)... 23, 2016 Research and Markets has ... Market Analysis 2016 - Forecast to 2022" report to ... report contains up to date financial data derived from varied ... major trends with potential impact on the market during the ... segmentation which comprises of sub markets, regional and country level ...
Breaking Medicine Technology: