US company Hospira offers A$2.63 billion for Mayne Pharma

Merrill Lynch finds a foreign buyer for the Australian cancer drug specialist.

Mayne PharmaÆs management has fulfilled its goal of finding a buyer for the pharmaceutical business following an offer from Illinois-based Hospira yesterday. The US company will pay A$4.10 in cash for each Mayne Pharma share, valuing the Australian business at A$2.63 billion.

The announcement follows months of due diligence work by advisers Merrill Lynch who have been looking for a buyer for Mayne Pharma since the company was spun off from its parent in November last year. The demerger was...

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