Matrix parent co to invest in Astrix Lab

MUMBAI: Matrix Laboratories has assigned its parent company, MP Laboratories, purchase rights to a part of the equity of Astrix Laboratories. Matrix will purchase the equity stake from Aspen Pharmacare Holdings, a South African company.

Matrix and Aspen have 50:50 joint ventures in Astrix and Fine Chemicals. According to a statement issued by Matrix, MP Labs will purchase 49% of Aspen's stake in Astrix. Matrix will purchase the remaining 1% and will then control 51% of the company. Matrix has decided to purchase Mylan's shares in Astrix for a fair market value within two years, the statement added.

Matrix and Aspen had previously announced that they would each divest their stake in Astrix and Fine Chemicals Corporation for the other party. Matrix will divest its stake in Fine Chemicals which will go to Aspen. Aspen in turn will divest its stake in Astrix for Matrix.

Aspen will retain a shareholding in Astrix through Class B shares. Martix and Aspen have signed long-term supply agreements for the supply of antiretroviral active ingredients and formulations.