Matrix Laboratories Ltd, through its wholly owned subsidiary, has acquired the residual shareholding in MChem group of companies, China. Consequent upon the receipt of the applicable approvals, the transaction for purchase of the residual stake has been completed. With the purchase of the residual stake, the effective holding of the company in MChem group of companies, through its wholly owned subsidiary, stands at 97 per cent.
MChem manufactures a number of intermediates and Active Pharmaceutical Ingredients (APIs). Therefore, the acquisition of the residual stake of erstwhile promoter is strategic for enhancing the vertical integration opportunities for Mylan and Matrix.
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