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In 2001, it began as a bold entrepreneurial venture. In 2007, the entrepreneur-promoter, Mr Nimmagadda Prasad, sold it to Mylan Laboratories in what was termed a ‘big deal' ( Rs 3,434 crore for 71.5 per cent equity) for Indian pharma. Exactly a decade later, Mylan Inc announced that the company would be re-branded.
Matrix Laboratories, based in Hyderabad, will be known as Mylan, the US-headquartered, multinational generic and speciality pharmaceutical company has said.
The name change is subject to approval of the Registrar of Companies in India. However, Mylan expects to retain the Matrix name for the institutional anti-retroviral (ARV) franchise.
Matrix Laboratories is one of the largest suppliers of active pharmaceutical ingredients. It also has a large portfolio in the ARV segment for the treatment of HIV. Since acquiring the company, Mylan has integrated Matrix along with the generics business of Merck to transform itself into a global major with revenues of $5.5 billion in 2010.
Since Mylan's acquisition, Matrix's workforce has grown from approximately 3,800 employees to more than 8,500 employees today, a release said.
Mylan Chairman and chief executive Mr Robert J. Coury, said: “Throughout the last four years, Matrix has played a unique and important role in Mylan's transformation into the global and rapidly growing company we are today. Not only has Matrix contributed to Mylan's very strong growth through the success of its business, it has also made it possible for Mylan to integrate vertically and realise substantial ongoing operational efficiencies on a global basis.”
“Today, we are building on these accomplishments by announcing our intention to rebrand Matrix as Mylan. This rebranding will lay the groundwork for continued expansion in India through our entry into the Indian commercial market with our own prescription pharmaceuticals within the next 12 months.”
Matrix Laboratories has a wide range of products, including those in the anti-asthmatic, antibacterial, antifungal, ARV, cardiovascular, central nervous system, gastrointestinal and pain-management segments.
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