India-based Matrix Laboratories, a subsidiary of US-based Mylan Inc, has signed an agreement with Aspen Pharmacare Holdings Ltd of South Africa to sell 50 percent stake in Fine Chemicals Corporation (Proprietary) Limited (FCC) of South Africa in favour of Aspen.

While in turn, Aspen would sell its 50% stake in India's Astrix Laboratories Ltd to Matrix. However, Aspen will retain a shareholding in Astrix through a B-share.

Matrix Laboratories engages in research, development, manufacture, and sale of active pharmaceutical ingredients (APIs) and solid oral dosage forms in India and internationally.

At 11.00 AM, Matrix Laboratories was trading 7 pct down at 97 rupees on the Bombay Stock Exchange while the benchmark index was down 5.63 pct at 10,691 points.