Tuesday, September 26, 2017
Mallinckrodt plc, a leading global specialty pharmaceutical company, today announced it closed the acquisition of InfaCare Pharmaceutical Corporation, a privately held specialty pharmaceutical company focused on development and commercialization of proprietary pharmaceuticals for neonatal and pediatric patient populations. If approved, InfaCare's developmental product stannsoporfin is expected to become the first and only pharmacologic option indicated for treatment of neonates at risk for developing severe hyperbilirubinemia, or severe jaundice.
"The addition of stannsoporfin further expands and diversifies Mallinckrodt's pediatric pipeline, and will add strength and breadth to our Specialty Brands business," said Mark Trudeau, Chief Executive Officer at Mallinckrodt. "There is an urgent need for therapies to treat thousands of infants at risk for serious illness or death due to severe jaundice, and Mallinckrodt is committed to bringing stannsoporfin to this population as quickly and efficiently as possible."
Mallinckrodt has made an upfront payment of $80 million, with additional payments of up to $345 million dependent on regulatory and sales milestones. Mallinckrodt expects the acquisition to be dilutive to adjusted diluted earnings per share by $0.15 to $0.20 for 2017 and modestly higher in 2018. Guidance on the impact of the acquisition to the company's GAAP1 diluted earnings per share has not been provided due to the inherent difficulty of forecasting the timing or amount of items that would be included in calculating such impact.