Mayne acquires Libertas
July 5, 2013
AUSTRALIAN listed
pharmaceutical firm Mayne
Pharma has this week announced
the acquisition of US-based Libertas
Pharma Incorporated.
Libertas is a generic
pharmaceutical company
headquartered in Atlanta, Georgia,
that distributes and markets a
range of niche products in the US.
Mayne said Libertas is highly
complementary to its Metrics
Products division, having 6
marketed Abbreviated New Drug
Application (ANDA) products and
2 pipeline ANDA’s distributed
through the same retail pharmacy
channel with no product overlap.
Mayne Pharma’s ceo, Mr Scott
Richards, said, “We are very
pleased to have completed the
Libertas acquisition which was
acquired by way of an up-front
payment comprising cash and a
small scrip component to owner
and founder, Mr Chris Schneider,
and a three year performance
based earn-out which will be
funded from operating cash.
... more than 60% of the total
purchase price is performance
based.”
“Libertas fits well with the Metrics
business and further strengthens
our US generics franchise, which
will now distribute 15 generic
ANDA products and have more
than 20 products in various stages
of development, including seven
products filed with the US FDA.
“Importantly,” he added, “the
acquisition is expected to be
earnings accretive in FY14 and is
well positioned to deliver further
incremental growth to the US
business.”
He also announced that Chris
Schneider will be joining Mayne
Pharma’s leadership team as Vice
President, Sales and Marketing.
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