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India's Matrix Laboratories Ltd said on Thursday its parent Mylan Inc will now step in to buy a large part of South Africa-based Aspen's stake in a joint venture firm.

Last October, Aspen and Matrix agreed to divest their stakes in two of their equal joint ventures - Astrix and Fine Chemicals Corp. Aspen had agreed to buy out Matrix's stake in Fine Chemicals, while Matrix was to acquire Aspen's holding in Astrix.

Now, Matrix will only buy 1 percent, while Mylan will acquire 49 percent through another subsidiary, Matrix said in a statement.

The deal is subject to customary closing conditions and Matrix will acquire the shares from Mylan for fair market value within two years of the deal closure, the Indian firm added.

Matrix did not disclose the value of the deal in its statement on Thursday. Its shares rose as much as 9.9 percent in early trade after the statement.

 

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