Clayton Utz was the legal adviser for Mayne Group Limited on its recently completed $1.8 billion demerger, which involved separate Australian listings of its global injectable pharmaceutical business, Mayne Pharma Limited, and its domestic healthcare business, now called Symbion Health Limited.
Rod Halstead, national M&A head, led the Clayton Utz team, which included partners Stuart Byrne, Karen Evans-Cullen, Jonathon Swain and Fred Prickett, and special counsel Kate Oliver. The demerger was completed with a capital reduction and scheme of arrangement, with existing shareholders receiving a one for one issue of new shares in Mayne Pharma Limited.
Halstead said while the demerger marked the end of an era for Mayne Group, it presented an exciting future for Mayne Pharma and Symbion Health as independent businesses. Mayne Pharma is focused on the research and development, manufacture, marketing and distribution of injectable generic and specialty pharmaceuticals internationally. Symbion Health is a health business with a domestic focus and market leading positions in pathology, diagnostic imaging, pharmacy and health-related consumer products.