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Mallinckrodt to acquire Questcor

April 8, 2014 1:26 AM UTC

Specialty pharma Mallinckrodt plc (NYSE:MNK) will acquire Questcor Pharmaceuticals Inc. (NASDAQ:QCOR) in a cash and stock deal that the companies said values Questcor at about $86.10 per share, or about $5.6 billion. Questcor shareholders will receive $30 per share in cash and 0.897 Mallinckrodt shares. The $86.10 price is a 27% premium to Questcor's close of $67.87 on Friday, before the deal was announced.

Mallinckrodt shareholders will own 50.5% of the combined company, which will be called Mallinckrodt Pharmaceuticals. Questcor shareholders will own the balance. Mallinckrodt's President and CEO Mark Trudeau will lead the combined company. Mallinckrodt reported $2.2 billion in in net sales for the fiscal year ended Sept. 27, 2013. Questcor reported 2013 net sales of $798.9 million, including $761.3 million from sales of autoimmune and inflammatory drug H.P. Acthar Gel repository corticotropin injection. ...