Irish pharmaceutical firm Mallinckrodt has completed the approximately $1.4bn acquisition of US-based biopharmaceutical company Cadence.
Cadence is best known for its pain drug Ofirmev (acetaminophen injection), a proprietary intravenous formulation of acetaminophen. The drug is indicated for the management of mild to moderate pain, the management of moderate to severe pain with adjunctive opioid analgesics and the reduction of fever.
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The acquisition is expected to be immediately accretive to Mallinckrodt’s fiscal year 2014 adjusted diluted earnings per share, as well as significantly accretive to its fiscal year 2015 adjusted diluted earnings per share. It adds Ofirmev to Mallinckrodt’s growing roster of brands and strengthens its speciality drugs portfolio in addition to expanding the company’s presence in the US hospital market.
Mallinckrodt president and chief executive officer Mark Trudeau said that Ofirmev will significantly expand the company’s ability to serve US hospitals.
"As anticipated, the transaction was straightforward, closed quickly, and we are planning for a rapid and successful integration which we expect to be completed by the beginning of September," Trudeau said.
"We believe this accelerated integration will provide greater clarity and direction for the employees joining us, and ensure that the merger of Ofirmev and the transition of the hospital team into Mallinckrodt is smooth and best serves our customers."
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By GlobalDataThe company said that the effectiveness of Ofirmev for the treatment of post-surgical acute pain and fever has not yet been studied in paediatric patients less than two years of age.
