8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 21, 2006

MYLAN LABORATORIES INC.

(Exact name of registrant as specified in its charter)

Pennsylvania	1-9114	25-1211621
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1500 Corporate Drive
Canonsburg, PA 15317
(Address of principal executive offices)

(724) 514-1800
(Registrant’s telephone number, including area code)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Item 8.01. Other Events.

     On December 21, 2006, Mylan Laboratories Inc., a Pennsylvania corporation (“Mylan”), issued a press release with the final results of the previously-announced open offer (“Public Offer”) to acquire up to 30,836,662 equity shares representing, in the aggregate, 20.0% of the fully diluted voting equity capital of Matrix Laboratories Limited, at a price of 306 rupees per share (approximately $6.84 per share at the December 20, 2006 exchange rate). The Public Offer was commenced by MP Laboratories (Mauritius) Ltd, an indirect wholly-owned subsidiary of Mylan, along with Mylan on November 22, 2006 and expired on December 11, 2006, in accordance with applicable Indian regulations. A copy of the press release announcing the results of the Public Offer is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.	Description
99.1	Press release of the registrant, dated December 21, 2006.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MYLAN LABORATORIES INC.
Date: December 21, 2006	By:	/s/ Edward J. Borkowski
		Edward J. Borkowski Chief Financial Officer

2

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of the registrant, dated December 21, 2006.

3

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE CONTACT: Patrick Fitzgerald
Mylan Laboratories Inc.
724-514-1800

Mylan Laboratories Announces Closing of Public Offer to Acquire 20% of Matrix Laboratories Limited

PITTSBURGH—Dec. 21, 2006—Mylan Laboratories Inc. (NYSE: MYL) today announced that it has completed its acquisition of 20% of the fully diluted voting equity capital of Matrix Laboratories Limited, at a price of Rs. 306 per share (approximately $6.84 per share at the December 20, 2006 exchange rate), pursuant to a Public Offer in India. The Public Offer, a requirement under Indian law in connection with Mylan’s previously-announced plans to acquire a controlling stake in Matrix, was commenced by MP Laboratories (Mauritius) Ltd., an indirect wholly owned subsidiary of Mylan, along with Mylan on November 22, 2006 and expired on December 11, 2006, in accordance with applicable Indian regulations.

A total of 54,585,189 shares were validly tendered, of which Mylan has accepted 30,836,662 shares. Payment for the shares properly tendered and accepted has been dispatched to the shareholders.

As announced on August 28, 2006, Mylan will acquire an additional 51.5% of Matrix’s shares outstanding for Rs. 306 per share in cash pursuant to an agreement with certain selling shareholders. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of calendar 2007.

Mylan Laboratories Inc. is a leading pharmaceutical company with three principal subsidiaries: Mylan Pharmaceuticals Inc., Mylan Technologies Inc. and UDL Laboratories Inc. Mylan develops, licenses, manufactures, markets and distributes an extensive line of generic and proprietary products. For more information about Mylan, please visit www.mylan.com

This press release contains statements that constitute “forward-looking statements”, including with regard to the planned acquisition of a majority stake in Matrix Laboratories and the associated timing. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: failure to satisfy, or delay in the satisfaction of, any of the conditions to the acquisition of shares from the selling shareholders; uncertainties inherent in acquisitions; matters beyond the control of management which could delay the anticipated closing date; and the other risks detailed in the periodic filings filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

# # #