Halcygen to acquire wholly owned subsidiary of Hospira
HalcyGen Pharmaceuticals Limited has entered into a definitive agreement with Hospira Australia Pty Ltd, a wholly owned subsidiary of Hospira Inc., to acquire all the outstanding shares in Mayne Pharma International Pty Ltd (MPI) – one of the businesses Hospira purchased when it acquired Mayne Pharma Limited in 2007 - for US$15.0M and an “Earnings Sharing Arrangement”.
MPI was formerly known as FH Faulding & Co Ltd, and is a specialist pharmaceutical company with an intellectual property portfolio built around the optimisation and delivery of oral dosage form drugs. MPI has a long and successful history in developing and commercialising improved pharmaceuticals, and has launched and marketed numerous products through partnerships with global licensees. Although a wholly owned subsidiary of Hospira Inc., MPI has operated largely independently of Hospira’s global hospital products business.
HalcyGen was listed on the ASX in June 2007 following the signing of a global exclusive license agreement with MPI to access product development and marketing rights for SUBA-Itraconazole and an improved formulation of Minocycline. With HalcyGen’s lead product, SUBA-Itraconazole, moving closer to product registration, the Company has decided to acquire MPI to:
- acquire the manufacturing rights for SUBA-Itraconazole and associated financial benefits;
- acquire SUBA-Itraconazole marketing rights in Australia and New Zealand; and
- acquire royalty streams that may have been payable to MPI in the event that manufacturing was not undertaken at MPI.
The acquisition also provides HalcyGen with a significant product portfolio and pipeline. HalcyGen obtains ownership of several key pharmaceuticals currently licensed to pharmaceutical partners worldwide, in particular Doryx® (an improved doxycycline enteric coated formulation), licensed to Warner Chilcott in the USA.
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