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Bakers acts for buyer of Mayne offshoot

Bakers acts for buyer of Mayne offshoot

BAKER & MCKENZIE is acting for Hospira in its proposed acquisition of Mayne Pharma via a scheme implementation agreement.US-based Hospira offered $4.10 per share for ASX-listed company Mayne…

BAKER & MCKENZIE is acting for Hospira in its proposed acquisition of Mayne Pharma via a scheme implementation agreement.

US-based Hospira offered $4.10 per share for ASX-listed company Mayne Pharma, valuing it at $2.6 billion, a 37.1 per cent premium to its volume weighted average price for the five days ending September 18, 2006.

The directors of Mayne Pharma have unanimously endorsed the purchase, and have urged shareholders to endorse the plan unless there is a better offer or an independent expert they have engaged says it is not in the best interests of the company’s shareholders.

According to Hospira CEO Christopher Begley, the purchase will create the leading “generic injectable pharmaceuticals company in the world”.

The principal Baker & McKenzie partners on the deal are Ben McLaughlin and Stephen Glanz. The lawyers involved declined to comment before the deal was finalised.

Clayton Utz is the legal adviser to Mayne Pharma on the deal.

The purchase is subject to several conditions, including shareholder agreement at a meeting due to be held in early December, court approval of the scheme and approval by the Foreign Investment Review Board.

Hospira is one of the largest manufacturers of hospital products in the US. Mayne Pharma was demerged from the Mayne Group late last year. It specialises in developing, manufacturing and distributing medicines used by oncologists.

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