$1.3 billion acquisition focused on hospital pain drug
An injectable form of paracetamol (acetaminophen, Ofirmev) made by Cadance has attracted a buyout of the company through a cash offer of 1.3 billion US dollars by Mallinckrodt.
The pain treatment is used in hospitals. Mallinckrodt is the company that was spun off by Covidien in 2013.
"We have been impressed with the strong relationships that Cadence's commercial organisations have established with customers in the hospital channel and are excited by the opportunity to build on these relationships to expand our platform in this area.
"We believe Mallinckrodt is well-positioned to further accelerate the trajectory of Ofirmev and realise the full value of this product in the marketplace."
Mark Trudeau, chief executive and president, Mallinckrodt.
Related news:
Mallinckrodt to buy Cadence for $1.3 billion (Bloomberg).
Mallinckrodt to buy San Diego biopharmaceutical firm for $1.3 billion (The New York Times).
Reference links:
Mallinckrodt plc to acquire Cadence Pharmaceuticals, Inc. for $14.00 per share, in cash (Mallinckrodt press release).
