Mylan Plans Direct Entry Into Indian Market
Mylan, a generic-drug manufacturer, announced that it will be rebranding its Hyderabad, India-based subsidiary, Matrix Laboratories, as Mylan. In a company press release, Mylan Chairman and CEO Robert J. Coury states: ?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 is a supplier of active pharmaceutical ingredients (APIs), and a producer of APIs used to make generic antiretroviral therapies for the treatment of HIV/AIDS. Mylan acquired 51.5% of Matrix?s shares in 2007, and the remainder of its shares in 2009.
Mylan, a generic-drug manufacturer, announced that it will be rebranding its Hyderabad, India-based subsidiary, Matrix Laboratories, as Mylan. In a company press release, Mylan Chairman and CEO Robert J. Coury states: “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 is a supplier of active pharmaceutical ingredients (APIs), and a producer of APIs used to make generic antiretroviral therapies for the treatment of HIV/AIDS. Mylan acquired 51.5% of Matrix’s shares in 2007, and the remainder of its shares in 2009.
Matrix has a workforce of more than 7000 in India, including more than 900 scientists within its research and development division who work on projects ranging from the development of APIs, to innovations for immediate- and controlled-release solid oral doses. In order to support its continued growth in India, Mylan expects to significantly increase its workforce there. Coury states in the press release, that, “[T]o support the commercial launch and other growth opportunities in India, we expect to continue to expand our workforce significantly over the coming years and aim to attract the highest caliber talent both from within India and internationally. As we grow, we will continue to apply our global standards of excellence to our operations around the world.”
The planned name change is subject to approval of the Registrar of Companies in India.
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