ARTICLE | Company News

Cadence, Mallinckrodt deal

February 17, 2014 8:00 AM UTC

Specialty pharma Mallinckrodt will acquire Cadence for $14 per share in cash, or about $1.3 billion on a fully diluted basis. The price is a 26% premium to Cadence's close of $11.07 on Feb. 10, before the deal was announced.

Last month, Cadence reported preliminary 2013 net revenues of $110.5 million for IV Ofirmev acetaminophen injection - its sole marketed product - and said it expected the pain and fever drug to have 2014 net revenues of $173-$177 million. Cadence has U.S. and Canadian rights to Ofirmev from Bristol-Myers Squibb Co. (NYSE:BMY, New York, N.Y.), which markets it as Perfalgan in Europe and other parts of the world. Mallinckrodt reported $2.2 billion in net sales for its fiscal year ended Sept. 27, 2013. ...