Fierce Biotech August 5, 2024
Special pharmaceutical company Mallinckrodt is selling its photopheresis business, Therakos, to CVC Capital Partners for $925 million.
Mallinckrodt manufactures both branded and generic drugs and bought Therakos in 2015 for nearly $1.33 billion.
The company said it will use the net proceeds from its deal with CVC to reduce its debt by more than 50%.
Under the terms of the agreement, key employees who work with Therakos will transition with the business and continue supporting the product and its stakeholders, according to a company press release.
The deal is expected to close in the fourth quarter.
Mallinckrodt bought the company nine years ago with an eye toward broadening its footprint in hospitals with a drug-device system and expanding its reach...
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