Mylan Unit Ups Stake in China Subsidiary

Matrix Laboratories of India has increased its ownership of the China-based Mchem group of companies, which produce intermediates, active pharmaceutical ingredients and finished dose products. In 2005, Matrix bought a 60% stake in Mchem, but it will now bring its ownership to 97%. In 2005, at the time of the Matrix purchase, Mchem was described as having $35 million in annual revenues. In August 2006, Mylan Labs (NYSE: MYL) paid $736 million to acquire a 71.5% stake in the parent, Matrix Labs, which is listed on the Bombay exchange.  More details...

Stock Symbol: (NYSE:MYL)