Type of information: Pipeline acquisition
Acquired company: Mallinckrodt's intrathecal therapy business (UK)
Acquiring company: Piramal (India)
Amount: $203 million
- • On March 20, 2017, Mallinckrodt announced it has closed the sale of its Intrathecal Therapy business to Piramal Enterprises Limited's subsidiary in the U.K., Piramal Critical Care, for approximately $203 million, including fixed and contingent consideration. Mallinckrodt's divesture of this business is aligned with the company's ongoing focus on driving return on invested capital, and contributes to the strategic transformation of the company.
- The approximately $203 million transaction will consist of $171 million of fixed consideration of which 10%, or $17 million, will be paid at closing, and an additional $154 million will be paid on the first anniversary of the close date. The remaining total consideration of up to $32 million is contingent, based on the gross profit of the Gablofen products in 2018 and 2019.
- • On January 30, 2017, Mallinckrodt announced it has entered into an agreement under which it will sell its Intrathecal Therapy business to Piramal Enterprises Limited's subsidiary in the U.K., Piramal Critical Care, for approximately $203 million, including fixed and contingent consideration.
- Mallinckrodt's Intrathecal Therapy business markets products for the treatment of spasticity via intrathecal drug delivery, including Gablofen® (baclofen injection). Gablofen® is approved by the FDA for use in management of severe spasticity of cerebral or spinal origin in adult and pediatric patients age 4 years and above. The product is the only FDA-approved baclofen in prefilled syringes and factory-sealed vials.
- Fiscal 2016 net sales of Intrathecal Therapy products were $44.6 million.