Mallinckrodt plc, a leading global specialty pharmaceutical company, announced that it has completed its acquisition of Questcor Pharmaceuticals Inc. in a cash and stock transaction valued at approximately $5.8 billion. The acquisition is expected to be immediately accretive to Mallinckrodt’s fiscal 2014 adjusted diluted earnings per share and significantly accretive to its adjusted diluted earnings per share in fiscal 2015.
The merger follows strong approval by both Mallinckrodt and Questcor shareholders at separate special meetings. Under the terms of the merger agreement, Questcor shareholders will receive $30.00 in cash and 0.897 of a Mallinckrodt ordinary share for each Questcor share.
“We are pleased to complete this transformative transaction and believe it will provide a strong, durable, well-diversified and sustainable platform, capable of generating significant future revenue and earnings growth for Mallinckrodt shareholders,” said Mark Trudeau, president and chief executive officer of Mallinckrodt. “HP Acthar Gel has demonstrated success in treating patients suffering from a variety of devastating and difficult-to-treat autoimmune and inflammatory illnesses. We are confident that Acthar will be a strong complement to Mallinckrodt’s broadening portfolio of leading specialty pharmaceutical brands, and we look forward to leveraging our extensive manufacturing and scientific expertise, as well as our experience with advocacy and payer communities, to capitalize on the many opportunities it presents.”
Trudeau added, “We are very pleased to welcome the Questcor team to Mallinckrodt. We are excited about our future prospects and the benefits that our collective efforts will have for patients, our investors and the communities that we serve.”
As previously disclosed, commercial operations supporting HP Acthar Gel will function as a separate business within Mallinckrodt’s Specialty Pharmaceuticals segment reporting to Trudeau. It will be known as the Autoimmune and Rare Diseases business within Mallinckrodt.
Date: August 14, 2014