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Ireland’s Mallinckrodt makes $1.3bn immunotherapy purchase

Will acquire Therakos to further boost its hospital drug portfolio
Deal agree

Irish biopharma firm Mallinckrodt will acquire immunotherapy specialist Therakos for $1.3bn under a deal that should be completed by the end of the year.

Therakos specialises in autologous immune cell therapy delivered through extracorporeal photopheresis (ECP) - essentially developing treatment platforms that harness the power of patients' immune systems to fight disease.

Its lead product Photopheresis is approved by the FDA for palliative treatment of the skin manifestations of cutaneous T-cell lymphoma (CTCL) - a form of blood cancer - in patients who have not been responsive to other forms of treatment.

Outside the US, Therakos Photopheresis is also used by doctors for immune-modulating applications in a variety of conditions including CTCL, Graft Versus Host Disease, Crohn's disease, solid organ transplants and other diseases.

This is Mallinckrodt's second major acquisition this year designed to bolster its presence in hospitals. The firm focuses on generic and specialty drugs, as well as medical imaging agents.

Mallinckrodt itself was spun off from Covidien in 2013 and has used acquisitions as a way of further its growth.

This includes the $5.6bn deal for Questcor Pharmaceuticals last year and its purchase of Cadence Pharmaceuticals for $1.3bn.

Mallinckrodt also said in March of this year that it would buy privately held Ikaria - a maker of a respiratory drug and its delivery system, for $2.3 billion.

Therakos therapeutic platforms are the world's only approved, fully integrated systems for administering autologous immune cell therapy through ECP.

Mark Trudeau, president and CEO of Mallinckrodt, said: “This transaction demonstrates our ongoing commitment to building a strong, highly profitable Hospital growth business as we build and diversify Mallinckrodt's Specialty Brands portfolio.

“One of Mallinckrodt's core strengths is our unique ability to manage complexity, delivering additional value to diverse products and environments. With this expansion into immunotherapy we add to our footprint of nuclear medicine, pain management, and respiratory neonatal critical care, broadening our touch points in hospitals and further expanding our portfolio with innovative therapies.”

Article by
Ben Adams

11th August 2015

From: Sales

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