Mayne Pharma acquisition completed

Hospira has announced that it has completed the acquisition of Mayne Pharma, in the process creating the world’s leading firm in speciality generic injectible pharmaceuticals.

According to the terms of the transaction, the total value for the acquisition is AUD$2.6 billion (1.02 billion pounds), equating to an offer of AUD$4.10 per share to shareholders in Mayne Pharma.

Following this acquisition, Hospira is implementing a new structure of leadership in order to establish a robust basis for growth in the future, augment its connection with customers and promote a stronger global perspective.

To these ends, the company has appointed three regional presidents, two presidents focused on long-term growth and a corporate vice president of global strategy and business development.

Christopher B Begley, chief executive officer of Hospira, said: “We are excited and confident about the growth opportunities this acquisition presents for all of our stakeholders.”

He added that the increased size of the company would enable it to reduce the overall costs of healthcare, resulting in an improvement in the financial strength of the healthcare system worldwide and enhanced affordability of care for patients.

The Supreme Court of Victoria approved the scheme for the transaction of Mayne Pharma by a subsidiary of Hospira earlier this month.