Hospira Announces Expiration of Hart-Scott-Rodino Review Period for Acquisition of Orchid's Generic Injectable Pharmaceuticals Business

LAKE FOREST, Ill., Feb. 10 /PRNewswire-FirstCall/ -- 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."

About Hospira

Hospira, Inc. is a global specialty pharmaceutical and medication delivery company dedicated to Advancing Wellness™. As the world leader in specialty generic injectable pharmaceuticals, Hospira offers one of the broadest portfolios of generic acute-care and oncology injectables, as well as integrated infusion therapy and medication management solutions. Through its products, Hospira helps improve the safety, cost and productivity of patient care. The company is headquartered in Lake Forest, Ill., and has approximately 13,500 employees. Learn more at www.hospira.com.

About Orchid

Orchid Chemicals & Pharmaceuticals Ltd. is a leading pharmaceutical company headquartered in Chennai, India, involved in the development, manufacture and marketing of diverse bulk actives, formulations and nutraceuticals. With exports spanning more than 75 countries, Orchid is the largest manufacturer-exporter of cephalosporin bulk actives in India and is ranked amongst the Top 5-cephalosporin producers in the world. Orchid's world-class manufacturing infrastructure includes multiple USFDA compliant API and dosage form facilities at Chennai and Aurangabad in India. Orchid has dedicated state-of-the-art GLP compliant R&D centres for API research, drug discovery and pharmaceutical research at Chennai, India. Orchid has ISO 9001:2000, ISO 14001 and OHSAS 18001 certifications. Orchid is listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and the Madras Stock Exchange (MSE) in India. Additional information is available at the company's website at www.orchidpharma.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Hospira cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, legal, technological and other factors that may affect Hospira's operations and may cause actual results to be materially different from expectations include the risks, uncertainties and factors discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Hospira's latest Annual Report on Form 10-K, and Hospira's subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission, and incorporated by reference. Hospira undertakes no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.

Orchid Safe Harbour

This media release includes forward-looking statements and indications, which are based on current expectations and forecasts about future events. Such statements and indications involve known and unknown risks, uncertainties and other factors and may cause actual results to materially differ. Such factors include, but are not limited to, changes in local and global economic conditions, Orchid's ability to successfully implement strategies, the market acceptance and demand of Orchid's products and services, Orchid's growth rates, expansion, technological change and Orchid's exposure to market risks. By their nature, these statements and indications are only estimates and actual results could differ from these in the future.

SOURCE Hospira, Inc.