Mayne swoops again

Generic drug manufacturer Mayne Pharma announced its second buy and capital raising in as many months. Mayne plans to raise $18 million to buy a pain relief product from global drug giant GlaxoSmithKline. The raising is priced at 29.5¢ a share, an 8 per cent discount to its last traded price. In addition to the $18 million equity placement to institutional investors and sophisticated investors, Mayne will offer a share purchase placement for up to $5 million. The $120 million purchase of private US pharmaceutical Metrics Inc will comprise $65 million of equity and $48 million debt. Madeleine Heffernan

Generic drug manufacturer Mayne Pharma announced its second buy and capital raising in as many months. Mayne plans to raise $18 million to buy a pain relief product from global drug giant GlaxoSmithKline. The raising is priced at 29.5¢ a share, an 8 per cent discount to its last traded price. In addition to the $18 million equity placement to institutional investors and sophisticated investors, Mayne will offer a share purchase placement for up to $5 million. The $120 million purchase of private US pharmaceutical Metrics Inc will comprise $65 million of equity and $48 million debt.