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ARTICLE | Company News

Mallinckrodt divests hemostasis portfolio for $185M

January 12, 2018 4:56 PM UTC

In an effort to refine its pipeline, specialty pharmaceutical company Mallinckrodt plc (NYSE:MNK) sold surgical site bleeding products Preveleak Surgical Sealant and Recothrom Thrombin topical to Baxter International Inc. (NYSE:BAX). Mallinckrodt receives an upfront payment of $153 million, which includes existing inventory, and is eligible for $32 million in milestones. Baxter will also gain Preveleak's manufacturing operations. The deal is expected to close in 1H18.

Mallinckrodt said it is refocusing its efforts on therapies for patient populations with high unmet medical needs, including StrataGraft and terlipressin, as well as products gained through its recent acquisition of Ocera Therapeutics Inc. StrataGraft, a second-generation cell-based, tissue-engineered human skin substitute developed using NIKS human keratinocytes, is in Phase III testing to treat thermal burns. Terlipressin, a synthetic analog of lysine-vasopressin, is in Phase III testing to treat hepatorenal syndrome type 1...