Mumbai, June 20 (PTI): Matrix Laboratories Ltd has acquired a controlling stake in the Belgium-based Docpharma from its chairman and founder Leon van Rompay and other key shareholders.

The purchase agreements covering 1,370,085 shares, aggregating approximately 22 per cent of the outstanding shares of Docpharma, were signed on Sunday in Hyderabad, Matrix has informed the Bombay Stock Exchange (BSE) today.

Matrix has bought Docpharma shares at euro 34 per share, which represents a 19.3 per cent premium on the one month average share price and a premium of 13.3 per cent on the last trading price as on June 17. The deal amounts to euro 214 million or $263 million.

The share purchase agreements are scheduled to close on or before July 8, subject to the incorporation of a wholly-owned Belgian subsidiary of the Indian company. The subsidiary would acquire the shares under the agreements.

Matrix would acquire control over Docpharma and launch a public takeover bid at the same price for the remaining shares, which are held by the public. The public takeover bid is mandatory under the Belgian takeover regulations.

After accounting for Docpharma’s net cash position and its own shares held by other companies in the Docpharma group, the enterprise value amounts to euro 193.85 million or $238 million.

However, demonstrating their ongoing commitment to the Matrix-Docpharma combined business, Rompay and his family have agreed to accept a deferred payment for 65 per cent of their consideration amounting to $25.02 million, Matrix has informed the BSE.