Yesterday's hot rumors about Australia's Mayne Pharma have been replaced by the news that Hospira is buying the generic drug company for $2.63 billion. The Lake Forest, IL-based Hospira said it expects to benefit from about $50 million in "synergies" between the two companies. Mayne shares soared on the news, which includes a 34 percent premium on yesterday's stock price. Hospira sees the move as a big boost to its international efforts in marketing generic injectables. The takeover, though, is conditional that no one else will offer a higher price.
- here's a report from TheStreet.com on the deal
- and a report from The Australian with more detail