Hospira completes Mayne Pharma buyout

Hospira completes Mayne Pharma buyout

	Published : Thu, 01 Feb 2007 19:22 By : Agencies Print this Story

LAKE FOREST, Ill. (AFX) - Hospital products company Hospira Inc. said Thursday it completed its $2.1 billion buyout of Australia-based specialty injectable pharmaceuticals company Mayne Pharma Ltd.

The deal was cleared to close Jan. 19, when the Supreme Court of Victoria in Australia approved the buyout, filling the final condition for approval. Hospira entered into a three-year, $500 million term loan and a one-year bridge loan of just under $1.43 billion to finance the purchase.

Hospira said the deal doubles its international sales to nearly 30 percent of its total sales. It expects the deal to generate a minimum of $50 million in annual cost efficiencies through 2008. More information on the financial impact of the deal will be released with full-year financial results Feb. 28.

The company created several positions as part of a new leadership structure. It named Chris Kolber president of global devices. He recently worked as corporate vice president of business development at Hospira.

Thomas Moore was named president of global pharmaceuticals. He previously worked as vice president and general manager of specialty injectable pharmaceuticals at Hospira.

Alejandro Infante was named president of the Americas unit. Previously, Infante was vice president and general manager of international commercial operations. Micheal Kotsanis was named president of the Europe, Middle East and Africa region. He recently worked as president for the Asia-Pacific region for Mayne Pharma.

Tim Oldham was named president of the Asia-Pacific unit. He recently worked as vice president for strategic partnerships and acting head of the Europe, Middle East and Africa unit for Mayne Pharma.

Ron Squarer was named corporate vice president for global strategy and business development. He recently worked as senior vice president for global corporate and business development for Mayne Pharma.

Shares of Hospira rose 7 cents to $36.85 on the New York Stock Exchange in afternoon trading.