Hospira's proposed generic injectables business acquisition: HSR review period expires

Hospira, Inc., (NYSE: HSP), the world leader in generic injectable pharmaceuticals, and Orchid Chemicals & Pharmaceuticals Ltd. (BSE: 524372, NSE: ORCHIDCHEM), a leading Indian pharmaceuticals company, today announced that the Hart-Scott-Rodino (HSR) review period for Hospira's proposed acquisition of Orchid's generic injectable pharmaceuticals business has expired with no action by the Federal Trade Commission (FTC).

The expiration of the HSR review period satisfies one of the conditions necessary for the transaction to close. Hospira and Orchid expect that, subject to the remaining customary closing conditions, the transaction will be completed in March.

"We're pleased to move closer to adding Orchid's proven-quality, cost-competitive generic injectables business to Hospira's product portfolio and geographic footprint," said Christopher B. Begley, chairman and chief executive officer, Hospira. "Orchid's capabilities provide a platform for future commercial growth, and we look forward to welcoming our new employees, whose talents and skill sets will contribute to Hospira's success."

"We are happy to be approaching the closure of this transaction, which further fortifies Orchid's business model with long-term revenue streams through an exclusive agreement to supply active pharmaceutical ingredients (API) to Hospira," said Mr K Raghavendra Rao, managing director, Orchid Chemicals & Pharmaceuticals Ltd. "With significant de-leveraging of our balance sheet, Orchid would pursue new growth opportunities and build on the innovative and niche profile of its product range going forward."