Hyderabad-based pharmaceutical major, Matrix Laboratories, has acquired the residual stake in Mchem group of companies, China.

Matrix, through its wholly-owned subsidiary, had earlier executed definitive agreements with the erstwhile promoter of Mchem group of companies, a manufacturer of intermediates and active pharmaceutical ingredients (APIs), to acquire his residual shareholding in the group.

According to a release issued by the company to the BSE today, the transaction for purchase of the residual stake had been completed, and with this purchase, the effective share holding of Matrix in MChem stands at 97%.

The acquisition of the residual stake of erstwhile promoter is strategic for enhancing the vertical integration opportunities for Mylan and Matrix, it added.