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Mallinckrodt has agreed to acquire biopharmaceutical company Sucampo Pharmaceuticals for $18 per share, or a transaction value of approximately $1.2 billion.
On Dec. 26, 2017, specialty pharmaceutical company Mallinckrodt announced that it has agreed to acquire Sucampo Pharmaceuticals, a biopharmaceutical company, in a deal valued at approximately $1.2 billion. The transaction, which was approved by the boards of directors of both companies, includes Sucampo’s commercial and development assets.
Under the agreement, Mallinckrodt’s subsidiary, Sun Acquisition, will commence a cash tender offer to purchase all of the outstanding shares of Sucampo's common stock for $18.00 per share. Sucampo stockholders holding approximately 32% of the outstanding Sucampo shares have entered into a tender and support agreement for this transaction. The transaction is subject to customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and the tender of a majority of the outstanding Sucampo shares. The companies expect the transaction to close in the first quarter of 2018.
The acquisition includes Sucampo’s commercial assets: Amitiza (lubiprostone), an FDA approved drug for treating chronic idiopathic constipation, irritable bowel syndrome with constipation, and opioid-induced constipation; and Rescula (unoprostone isopropyl ophthalmic solution) 0.15%, a drug marketed in Japan for treating ocular hypertension and open-angle glaucoma.
Also included in the acquisition are the development assets VTS-270, a Phase III drug candidate being developed to treat Niemann-Pick Type C, a rare, neurodegenerative, and ultimately fatal disease that can present at any age, and CPP-1X/sulindac, another Phase III candidate being developed under a collaborative agreement between Cancer Prevention Pharmaceuticals and Sucampo to treat familial adenomatous polyposis, a disease resulting from a genetic mutation that leads to uncontrolled growth of polyps in the digestive tract.
If approved, Mallinckrodt expects to build on the limited commercial infrastructure Sucampo has built for both VTS-270 and CPP-1X/sulindac with sales organizations currently focused on rare diseases. At launch, these treatment options would be supported and enhanced by Mallinckrodt's strong relationships with insurance companies and group purchasing organizations. Mallinckrodt's existing infrastructure of clinical and medical affairs experts will also support approval and launch of both products.