Tags:
Journalism of Courage
Drug maker Matrix Laboratories Ltd has reached a deal to buy 60 per cent of China’s Mchem Group, helping it expand its AIDS medicines to newer markets.
The company did not give financial details, saying it expects to close the transaction before December after regulatory approvals. This is the third acquisition announced by the Hyderabad-based Matrix in less than a week.
Matrix said the Chinese acquisition would help it to consolidate its position as a major supplier of active pharmaceutical ingredients, particularly as a supplier of antiretrovirals worldwide. “Going by the latest reports on HIV/AIDS infections worldwide, the demand for antiretrovirals is also expected to grow considerably in China over next few years,” Matrix said in a statement.
Mchem group, which had a turnover of about $35 million last fiscal, makes chemicals, intermediates, active pharmaceutical ingredients and dosage forms, it said.
