27
Sat, May
7 New Articles

Mallinckrodt Completes Sale Of Its Nuclear Imaging Business To IBA Molecular For Approximately $690 Million

Industry Reports
Typography

Mallinckrodt plc , a leading specialty pharmaceutical company, announced today that it has closed the sale of its global Nuclear Imaging business to IBA Molecular (IBAM) for approximately $690 million before tax, including up-front and contingent considerations and the assumption of long-term obligations.

Mallinckrodt's Nuclear Imaging operations encompass two manufacturing facilities and a total of more than 800 employees in locations across the globe, including nearly 350 in the St. Louis, Mo. area. The entire workforce and the manufacturing facilities have been transferred to IBAM.

Mallinckrodt's action to divest Nuclear Imaging continues the company's strategy to transform its portfolio with specialty pharmaceutical assets that are durable, innovative and have significant volume growth potential.

"The divestiture of our Nuclear Imaging business is another important step toward the evolution of our portfolio," said Mark Trudeau, President and Chief Executive Officer of Mallinckrodt. "Our Nuclear Imaging business is an excellent strategic fit for the IBAM organization and we believe the expanded global reach of the combined business will enable IBAM to substantially increase its ability to meet the needs of patients around the world. With this transaction, we are pleased to welcome IBAM to the St. Louis area."

The total consideration of approximately $690 million (before tax) consists of approximately $574 million of up-front consideration, the assumption of approximately $39 million of long-term obligations, and approximately $77 million of contingent consideration.

Mallinckrodt's former Nuclear Imaging business includes a portfolio of diagnostic imaging products. The business is a prominent global producer of the key medical isotope molybdenum-99, from which technetium-99m (Tc-99m) is derived. Tc-99m is used in roughly 80%1 of all nuclear medicine procedures worldwide, and the business is a significant U.S. and global supplier of this radioisotope2.

Renaud Dehareng, Chief Executive Officer of IBAM, said, "We have created a new world-class nuclear imaging business. We have over 1,500 skilled employees across four continents, an unrivalled global manufacturing footprint comprising 21 leading-edge production facilities, a commercial presence in over 60 countries serving more than 6,000 customers and very complementary product portfolios and technical capabilities. Cumulatively, we have over 100 years of experience in nuclear medicine. All of this sets us apart and will allow us to deliver superior, sharply focused service to our customers reliably every day."

About Mallinckrodt plc
Mallinckrodt is a global business that develops, manufactures, markets and distributes specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and hemostasis products; and central nervous system drugs. The company's core strengths include the acquisition and management of highly regulated raw materials and specialized chemistry, formulation and manufacturing capabilities. The company's Specialty Brands segment includes branded medicines and its Specialty Generics segment includes specialty generic drugs, active pharmaceutical ingredients and external manufacturing. To learn more about Mallinckrodt, visit www.mallinckrodt.com.

Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.

CONTACTS

Investor Relations
Coleman N. Lannum, CFA
Senior Vice President, Investor Strategy and IRO
314-654-6649
This email address is being protected from spambots. You need JavaScript enabled to view it.

Daniel J. Speciale, CPA
Director, Investor Relations
314-654-3638
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Rhonda Sciarra
Senior Communications Manager
908-238-6765
This email address is being protected from spambots. You need JavaScript enabled to view it.

Meredith Fischer
Chief Public Affairs Officer
314-654-3318
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Market Movers

Rogers Corporation Common Stock

NYQ : ROG - 26 May, 4:02pm
108.70
+0.24 (+0.22%) After Hours:
Open 108.42 Mktcap 1.97B
High 108.80 52wk Hight 110.47
Low 107.41 52wk Low 51.98
Vol 67575 Avg Vol 126917
Eps 5.33 P/e 32.89
Currency: USD

Banco Santander, S.A. Sponsored

NYQ : SAN - 26 May, 4:02pm
6.59
-0.03 (-0.45%) After Hours:
Open 6.53 Mktcap 96.08B
High 6.60 52wk Hight 6.99
Low 6.51 52wk Low 3.60
Vol 5.38M Avg Vol 7.61M
Eps 0.49 P/e 14.39
Currency: USD

Merck & Company, Inc. Common St

NYQ : MRK - 26 May, 4:02pm
64.92
-0.12 (-0.18%) After Hours:
Open 65.00 Mktcap 177.57B
High 65.21 52wk Hight 66.80
Low 64.82 52wk Low 55.10
Vol 3.69M Avg Vol 8.91M
Eps 3.84 P/e 41.38
Currency: USD

Johnson & Johnson Common Stock

NYQ : JNJ - 26 May, 4:02pm
126.92
-0.61 (-0.48%) After Hours:
Open 127.23 Mktcap 341.90B
High 127.67 52wk Hight 129.00
Low 126.83 52wk Low 109.32
Vol 4.01M Avg Vol 6.06M
Eps 7.11 P/e 21.33
Currency: USD

Pfizer, Inc. Common Stock

NYQ : PFE - 26 May, 4:02pm
32.14
-0.02 (-0.06%) After Hours:
Open 32.18 Mktcap 191.81B
High 32.29 52wk Hight 37.39
Low 32.10 52wk Low 29.83
Vol 11.70M Avg Vol 21.94M
Eps 2.55 P/e 27.05
Currency: USD

Direxion Daily 10-Yr Treasury B

PCX : TYO - 26 May, 8:00pm
14.10
-0.12 (-0.84%) After Hours:
Open 14.07 Mktcap
High 14.11 52wk Hight 16.29
Low 14.06 52wk Low 12.60
Vol 3201 Avg Vol 8536
Eps P/e
Currency: USD
Sign up via our free email subscription service to receive notifications when new information is available.
captcha