Hospira Completes Acquisition of Mayne Pharma, Announces New Commercial Leadership Structure
01 Fevereiro 2007 - 3:08PM
PR Newswire (US)
-- Acquisition Creates the World's Leader in Specialty Generic
Injectable Pharmaceuticals -- LAKE FOREST, Ill., Feb. 1
/PRNewswire-FirstCall/ -- Hospira, Inc. (NYSE:HSP), a leading
global hospital products company, today announced it has completed
the acquisition of Mayne Pharma Limited, an Australia-based
specialty injectable pharmaceuticals company. Under terms of the
agreement, Mayne shareholders will receive AUD$4.10 per common
share for a total transaction value of AUD$2.6 billion (~US$2.1
billion), including options. "We are excited and confident about
the growth opportunities this acquisition presents for all of our
stakeholders," said Christopher B. Begley, chief executive officer,
Hospira. "As the world leader in specialty generic injectable
pharmaceuticals, Hospira's increased scale will continue to help
reduce the overall costs of healthcare -- to improve both the
affordability of care for patients and the financial strength of
the global healthcare system." The addition of Mayne significantly
expands Hospira's global footprint and doubles its international
sales to nearly 30 percent of Hospira's total sales. In addition,
the acquisition is expected to: -- Expand and solidify Hospira's
oncology presence. Specialty oncology products represent roughly
half of Mayne's portfolio, which boasts a comprehensive range of
agents across this important and fast-growing therapeutic category.
Fueled by a significant stream of patent expirations over the next
several years, the oncology market is expected to grow faster than
the aggregate generic injectables segment. -- Provide Hospira with
potent/cytotoxic manufacturing and research and development
capabilities. Mayne's comprehensive and differentiated expertise in
formulating and manufacturing potent and cytotoxic compounds
supplements Hospira's broad development and manufacturing
capabilities. -- Continue to help reduce the overall costs of
healthcare. By increasing the number of specialty generic
injectable drugs in its portfolio and associated manufacturing
efficiencies, Hospira will be better positioned to provide
high-quality, less costly alternatives to many proprietary
pharmaceuticals. New Commercial Leadership Structure and
Appointments As part of Hospira's continued transformation into a
high-performing global organization, the company is implementing a
new leadership structure to foster a stronger global perspective,
reinforce its connection to customers and establish a solid
foundation for future growth. The new structure includes the
appointments of three regional presidents responsible for
developing strategy, strengthening customer relationships,
delivering growth and attaining market leadership in their various
regions; and two presidents focused on the long-term growth, global
business strategy and attainment of product leadership in key
business areas. In addition, the newly created role of corporate
vice president, Global Strategy and Business Development, is
responsible for ensuring the strength and execution of global
growth strategies in both core and new businesses. "As a combined
organization, we have some of the best talent in the industry,"
said Begley. "The union of Hospira and Mayne allows us to embrace
the best attributes of both companies to create a workforce that is
stronger than the sum of its parts." The following appointments are
effective today: -- Chris Kolber, president, Global Devices. Kolber
has more than 25 years of experience in the pharmaceutical and
medical device industry in various commercial, general management
and business development roles. Kolber most recently served as
corporate vice president, Business Development, for Hospira. --
Thomas Moore, president, Global Pharmaceuticals. Moore has 23 years
of experience in the pharmaceutical industry and has held several
management positions in operations, marketing and business
development. Moore previously served as vice president and general
manager, Specialty Injectable Pharmaceuticals, for Hospira. --
Alejandro Infante, president, The Americas. Infante has more than
22 years of experience in the pharmaceutical industry and has held
several commercial management positions in Mexico and around the
world. He previously served as vice president and general manager,
International Commercial Operations, for Hospira. -- Michael
Kotsanis, president, Europe, Middle East and Africa. Kotsanis has
nearly 20 years of experience in the pharmaceutical industry and
has held several commercial operations roles in addition to
responsibility for manufacturing, quality and associated functions.
He most recently served as president, Asia-Pacific, for Mayne
Pharma. -- Tim Oldham, Ph.D., president, Asia-Pacific. Oldham has a
combined 18 years in academia and experience in the pharmaceutical
industry, holding strategy, business development and marketing
positions. He most recently served as vice president, Strategic
Partnerships; and acting head, Europe, Middle East and Africa, for
Mayne Pharma. -- Ron Squarer, corporate vice president, Global
Strategy and Business Development. Squarer has 15 years of
experience in the biopharmaceutical industry in business
development, strategy and brand management. He previously served as
senior vice president, Global Corporate and Business Development,
for Mayne Pharma. The presidents of Global Devices, Global
Pharmaceuticals and the three regions will report to Terry Kearney,
chief operating officer. The corporate vice president, Global
Strategy and Business Development, will report to Begley.
Financials Hospira continues to expect to generate a minimum of $50
million of annualized synergies in 2008 through infrastructure
optimization as well as improved supply chain, administrative and
other operational efficiencies. After giving effect to estimated
synergies, the transaction is expected to be slightly accretive to
earnings per share in 2007, excluding the impact of
transaction-related expenses, such as purchase accounting charges
and integration costs, and the amortization of intangible assets*.
The impact on earnings per share, before the effect of
transaction-related expenses*, is still estimated to be neutral in
2008. Hospira expects to provide more specific information on these
financial impacts when it reports 2006 year-end results on Feb. 28,
2007. To finance the acquisition, Hospira will use approximately
$200 million in available cash and incur $1.9 billion of debt, with
a $500 million term loan and a $1.4 billion bridge loan. Hospira
expects to refinance the bridge loan through the issuance of bonds.
Using Hospira and Mayne's strong combined cash flow, the company
intends to pay down the debt as quickly as feasible. *Use of
Non-GAAP Financial Measures Information regarding Hospira's use of
these non-GAAP (U.S. Generally Accepted Accounting Principles)
financial measures is included in Item 7.01 of Hospira's Current
Report on Form 8-K furnished to the Securities and Exchange
Commission on the date of this press release. About Hospira
Hospira, Inc. is a global specialty pharmaceutical and medication
delivery company dedicated to Advancing Wellness(TM) by developing,
manufacturing and marketing products that help improve the
productivity, safety and efficacy of patient care. In February
2007, Hospira acquired Mayne Pharma Limited to become the world
leader in specialty generic injectable pharmaceuticals. With 70
years of service to the hospital industry, Hospira's portfolio
includes one of the industry's broadest lines of generic acute-care
and oncology injectables, which help address the high cost of
proprietary pharmaceuticals; and integrated solutions for
medication management and infusion therapy. Headquartered north of
Chicago in Lake Forest, Ill., Hospira has approximately 15,000
employees and 18 manufacturing facilities worldwide. Hospira's news
releases and other information can be found at
http://www.hospira.com/. Private Securities Litigation Reform Act
of 1995 -- A Caution Concerning Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the financial impact of the
acquisition of Mayne Pharma and other statements regarding
Hospira's goals and strategy. Hospira cautions that these
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward- looking statements. Economic,
competitive, governmental, technological and other factors that may
affect Hospira's operations and may cause actual results to be
materially different from expectations include the risks,
uncertainties and factors discussed under the headings "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Hospira's Annual Report on
Form 10-K for the year ended Dec. 31, 2005, and subsequent
Quarterly Reports on Form 10-Q, filed with the Securities and
Exchange Commission, which are incorporated by reference. Hospira
undertakes no obligation to release publicly any revisions to
forward- looking statements as the result of subsequent events or
developments. http://www.newscom.com/cgi-bin/prnh/20040503/HSPLOGO
http://photoarchive.ap.org/ DATASOURCE: Hospira, Inc. CONTACT:
Media, Stacey Eisen, +1-224-212-2276, or Financial Community, Lynn
McHugh, +1-224-212-2363, both of Hospira, Inc.; or Australian
Media, Tony Rasman of Fleishman-Hillard Australia, +61 418 208 770
Web site: http://www.hospira.com/
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