Mayne Pharma makes second US acquisition, this time generic drugmaker Libertas

In a second move into the US market in less than a year, Australia’s Mayne Pharma (ASX: MYX) says it has acquired privately-held USA-based generic drugmaker Libertas Pharma, in a deal where financial terms were not disclosed.

Libertas is headquartered in Atlanta, Georgia, and distributes and markets a range of niche products in the USA. Libertas is highly complementary to the Metrics Products division having six marketed Abbreviated New Drug Application products and two pipeline ANDAs distributed through the same retail pharmacy channel with no product overlap.

Commenting on the acquisition, Mayne Pharma’s chief executive Scott Richards said: “We are very pleased to have completed the Libertas acquisition which was acquired by way of an upfront 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. The acquisition is favorably structured such that more than 60% of the total purchase price is performance based.”