Mylan to Rebrand Matrix Laboratories
Planning to rebrand business as Mylan to extend global brand and prepare for commercial launch of prescription products in India
PITTSBURGH and MUMBAI, India, May 27, 2011 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today announced that it plans to rebrand its Hyderabad, India-based subsidiary Matrix Laboratories Limited as Mylan.
Mylan, a U.S.-headquartered, multinational generic and specialty pharmaceutical company, purchased Matrix Laboratories, one of the world's largest suppliers of active pharmaceutical ingredients (API), in 2007. Since then, Mylan has successfully integrated the two organizations, along with the generics business of Merck KGaA, to build a global, high quality pharmaceutical platform with $5.5 billion in 2010 revenues, a workforce of more than 17,000 employees, and commercial sales in more than 150 countries and territories. Since Mylan's acquisition, Matrix's workforce has grown from approximately 3,800 employees to more than 8,500 employees today.
Mylan Chairman and CEO 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 realize substantial ongoing operational efficiencies on a global basis. These benefits have been felt commercially in every region in which we operate. Furthermore, from day one, our organizations have shared a strong work ethic and an unwavering commitment to quality, backed by a proven, longstanding track record for excellence in the markets we serve.
"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. We are extremely excited to bring the benefits of our one-of-a-kind global operating platform to India, given the potential we see in this market. In order to 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."
Mylan President Heather Bresch commented: "Having led the integration of Matrix and Mylan, I am particularly excited about today's milestone. Changing Matrix's name to Mylan represents a natural next step for our business in India, and we believe it will produce many benefits. Key among them will be the ability to speak with a more unified and powerful voice. Mylan is a pioneering force in the industry, particularly with regard to quality, and we are committed to applying one, high standard of quality to all of our products, regardless of where they are made. By bringing Matrix under the Mylan brand and aligning it more directly with everything our global brand stands for -- unmatched supply reliability, outstanding customer service, operational integrity, innovation and quality -- we believe we can better differentiate our company within the industry."
The planned name change is subject to approval of the Registrar of Companies in India. Mylan expects to retain the Matrix name for the institutional ARV franchise, serving NGOs and other alliances.
Matrix Laboratories was founded in 2001 in Hyderabad, India, and quickly became one of the world's largest manufacturers of low cost, high quality active pharmaceutical ingredients (API). Today, the company has a wide range of products, including those in the anti-asthmatic, antibacterial, antifungal, antiretroviral (ARV), cardiovascular, CNS, gastrointestinal and pain management segments.
While being recognized as one of the world's leading and largest API suppliers, Matrix also offers a growing line of finished dosage form products, most of which are generic ARV therapies for the treatment of HIV/AIDS, including both adult and pediatric therapies.
With locations in India and China, Matrix has a workforce of more than 7,000 in India alone, including more than 900 scientists within its research and development division who work collaboratively on projects ranging from the development of API to innovations for immediate and controlled release solid oral doses. In order to support its continued growth in India, Mylan expects to continue to add significantly to its workforce there.
Mylan Inc., headquartered in Pittsburgh, USA, ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 150 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information about Mylan, please visit www.mylan.com. For more information about generic drugs, please visit www.ChoosingGenerics.com.
SOURCE Mylan Inc.
Posted: May 2011