Mayne Group to demerge with new chairmen

Australian healthcare company, Mayne Group, will proceed with the demerger of its global injectable pharmaceutical business, Mayne Pharma, and its domestic healthcare businesses, Mayne Diagnostic Services, Mayne Pharmacy, and Mayne Consumer Products.

Following completion of the demerger, Peter Willcox will become chairman of Mayne Pharma and Paul McClintock will become chairman of Mayne's domestic healthcare businesses.

McClintock has been appointed deputy chairman of Mayne to assist in the transition process.

"Our Board is convinced that a demerger is the best strategy for delivering value for shareholders, and given this view, we are re-iterating that it is not our intention to sell any of Mayne's businesses.

"Our focus is on ensuring the demerger process is rigorous and efficient. Subject to completion of the necessary steps to effect a demerger, we currently expect completion this calendar year," Willcox said.

Morgan Stanley and Clayton Utz have been appointed to advise Mayne in relation to the demerger. KPMG have been appointed to provide tax advice.