US-based drug firm Mylan Inc today said it plans to rename its Hyderabad-based subsidiary Matrix Laboratories as 'Mylan'.
Mylan Inc had acquired 71.5% stake in Matrix Laboratories, one of the world's largest suppliers of active pharmaceutical ingredients (API), in 2007 for $736 million.
Since then, the US firm has successfully integrated the two organisations, along with the generics business of Merck KGaA, to build a global, high quality pharmaceutical platform with $5.5 billion revenues in 2010, Mylan said in a statement.
Commenting on the development Mylan Chairman and CEO Robert J Coury said in the last four years, Matrix has played a unique and important role in Mylan's transformation into a global and rapidly growing company.
"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," he said.
Both the firms have workforce of more than 17,000 employees and commercial sales in more than 150 countries and territories, it added.
Since Mylan's acquisition, Matrix's workforce has grown from nearly 3,800 employees to more than 8,500 employees currently, it said.
The US firm expects to retain the Matrix name for the institutional ARV franchise, serving NGOs and other alliances, it added.
