By: Adam Feuerstein | 02/11/14 - 07:24 AM EST
A smallish acquisition to report Tuesday morning: Ireland-based specialty drug maker Mallinckrodt is buying Cadence Pharmaceuticals (CADX) for $14 per share, or a 27% premium over Monday's close. The total cost of the acquisition is $1.3 billion.
Cadence's lead product is Ofirmev, an intravenous formulation of the painkiller acetaminophen used to treat hospitalized patients. Ofirmev sales in 2013 were $110.5 million, Cadence announced last month. The Street expects 2014 Ofirmev sales of $168 million.
"The acquisition of Cadence Pharmaceuticals is consistent with our goal of becoming a leading global specialty pharmaceuticals company," said Mallinckrodt CEO Mark Trudeau, in a statement.
Mallinckrodt expects the Cadence acquisition to be accretive to fiscal year 2014 earnings on an adjusted basis. The deal is expected to close in March.
07/29/14 - 10:26 AM EDT
07/28/14 - 12:34 PM EDT
07/28/14 - 10:56 AM EDT
07/28/14 - 09:44 AM EDT
07/25/14 - 11:30 AM EDT
08/01/14 - 06:00 AM EDT
07/31/14 - 11:25 AM EDT
07/31/14 - 10:11 AM EDT
07/31/14 - 06:00 AM EDT
07/30/14 - 10:36 AM EDT
Access the tool that DOMINATES the Russell 2000 and the S&P 500.