News: MYX Mayne Pharma acquires US generic product portfolio from Teva and Allergan

June 27 (Reuters) - Mayne Pharma Group Ltd (MYX) :

• MYX announces acquisition of US generic product portfolio (MYX)
• Deal for US$652M
• Acquisition price represents less than 6 times projected FY 2017 EBITDA
• Acquired portfolio is expected to contribute sales of US$237M in FY 2017 with

  gross margins greater than 50%

• Expected to be very significantly accretive to reported and cash earnings per

  share in FY 2017

• Will fund the acquisition via an extension of its existing debt facility
• Says entered into an agreement to acquire 37 approved and 5 FDA filed

  products from Teva Pharmaceutical Industries Limited

• Will fund acquisition via fully underwritten A$601M 1-for-1.725 accelerated

  non-renounceable entitlement offer and A$287M placement

• Entered into a binding agreement to acquire a portfolio of US generic

  products from Teva and Allergan

• Shares offered under entitlement offer will be issued at a price of A$1.28

  per new share, representing a 9.2% discount