Mayne Pharma announces delay in finalising consent agreement

Mayne Pharma has announced this week that its proposed consent agreement relating to the company’s acquisition by a subsidiary of Hospira will have its finalisation delayed.

The agreement is currently with the Commissioners of the Federal Trade Commission, pending final approval, which the company expects will be granted during the week.

It is necessary for the consent agreement to be finalised to enable the termination of the waiting period necessary according to the US Hart-Scott-Rodino Act related to the transaction involving the company.

There is a court hearing regarding approval of the scheme scheduled for tomorrow, though the consent agreement will not be finalised before this time.

“Mayne Pharma intends at the hearing to ask the court to adjourn final consideration of the matter until the condition to termination of the waiting period has been satisfied,” the company said.

Mayne Pharma added that it expected to be able to finalise this matter on Friday January 19th 2007, or earlier.

In September 2006, the company announced that it had entered into a scheme implementation agreement with hospital products company Hospira, by which that company would purchase Mayne Pharma for the sum of $4.10 (2.09 pounds) per share.