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Mylan Laboratories Ltd.

BSE: 524794 Sector: Health care
BSE 05:30 | 01 Jan Mylan Laboratories Ltd
NSE 05:30 | 01 Jan Mylan Laboratories Ltd

Mylan Laboratories Ltd. (MATRIXLABS) - Company History

Matrix Laboratories Limited (MLL) a subsidiary of Mylan Inc. USA is a public limited company which was started its life on 29th November 1984 as a private limited company. The Company is engaged in the manufacture of Active Pharmaceutical Ingredients (APIs) and Solid Oral Dosage Forms. Also Matrix conducts research & development and manufacture products at the company's cGMP facilities located near Hyderabad and Visakhapatnam India. The company's Solid Oral Dosage Forms facility is located near Nashik about 150 km from Mumbai. The Company's focus on Quality Safety Environment and Occupational Health is pronounced and some of its plants are approved by regulatory agencies such as US-FDA EDQM -EU TGA (Australia) and some of the largest multinational pharmaceutical companies. The Company had commenced its commercial production in October of the year 1989 with an installed capacity of 72 TPA. The status of the company was converted from private limited to a public limited company on August 29th of the year 1992. Matrix had filed process patent on its Citalopram (API) in the year 2002. During the same year of 2002 API facility of the company at Jeedimetla was approved by Therapeutic Goods Administration (TGA) from Regulatory Authority of Australia. The Company had acquired 54.89% equity in Medicorp Technologies Limited an API Manufacturer having US FDA approval TGA Australia ISO 9000 ISO 14000 certified. During the year 2003 in April Matrix had successfully filed process Patent applications for 4 products at Indian Patent Office. In May of the same year the Vorin Laboratories Limited and Medicorp Technologies India Limited had merged with the company. MLL had signed an agreement with William J Clinton Presidential Foundation for the supply of antiretroviral for the treatment of HIV and AIDS patients in Sub-Saharan Africa South Africa and the Caribbean countries in October of the year 2003 and in November of the identical year Matrix decided to set up two 50:50 joint venture companies one in India and the other in Ireland with a total capital outlay of 3.90 million Euros (Rs.21 crore).Matrix had received USFDA approval for its manufacturing facility at Jeedimetla near Hyderabad in March of the year 2004. The Board of directors of Matrix in March of the same year 2004 had approved the merger of Vera Laboratories Limited Fine Drugs and Chemicals Limited Medikon Laboratories Limited and Calibre Engineering Private Limited with itself. MLL had purchased Finished Dosage Facility Located near Nashik in January of the year. In the same year of 2005 Matrix made a strategic alliance with Mchem of China and acquired controlling stake in Docpharma Belgium. Also the company had received the National Award for R&D Efforts in Industry (2005) in Pharmaceuticals /Chemical Sector from the Department of Scientific & Industrial Research Government of India. The Government of Andhra Pradesh honored the company with 'Best Management Award' in May of the year 2006. Mylan had completed its acquisition of approximately 51.5% of Matrix's outstanding shares for Rs. 306 per share in cash pursuant to a share purchase agreement (SPA) with certain selling shareholders during January of the year 2007 and the company became as a subsidiary of Mylan. In May of the year 2007 MLL had signed an agreement with the Clinton HIV/AIDS Initiative (CHAI) that significantly lowers the price of AIDS treatment for second-line anti-retroviral drugs (ARVs) as well as a new once-a-day pill that is currently cost prohibitive in the developing world. The transaction for purchase of the residual stake in MChem Group of Companies had been completed in January of the year 2008 with the purchase of the residual stake the effective holding of Matrix Laboratories Limited in MChem group of companies through its wholly owned subsidiary stands at 97%. As on October 2008 MLL and Aspen Pharmacare Holdings Limited South Africa has executed agreements pursuant to which generally speaking Matrix's wholly owned subsidiary Matrix Laboratories BV would divest its stake in Fine Chemicals Corporation (Proprietary) Limited a South African based 50-50 joint venture between Matrix and Aspen to Aspen and additionally Aspen would divest its stake in Astrix Laboratories Limited an Indian based 50-50 joint venture between Matrix and Aspen to Matrix.