IBA Molecular (IBAM) has completed the acquisition of Mallinckrodt’s nuclear imaging business for about $690m.
The deal, which was first announced in August 2016, included around $574m up-front consideration, as well as about $39m of long term obligations and around $77m of contingent consideration
Mallinckrodt’s nuclear imaging business includes a portfolio of diagnostic imaging products.
The business produces medical isotope molybdenum-99, from which technetium-99m (Tc-99m) is derived. Tc-99m will be used in around 80% of all nuclear medicine procedures across the globe.
With around 800 employees, the acquired nuclear imaging operations include two manufacturing facilities. All the employees and manufacturing facilities were transferred to IBAM.
Mallinckrodt CEO and president Mark Trudeau said: "The divestiture of our Nuclear Imaging business is another important step toward the evolution of our portfolio.
"Our Nuclear Imaging business is an excellent strategic fit for the IBAM organization and we believe the expanded global reach of the combined business will enable IBAM to substantially increase its ability to meet the needs of patients around the world.”
IBAM CEO Renaud Dehareng said: “We have over 1,500 skilled employees across four continents, an unrivalled global manufacturing footprint comprising 21 leading-edge production facilities, a commercial presence in over 60 countries serving more than 6,000 customers and very complementary product portfolios and technical capabilities.”
Mallinckrodt is engaged in the development, manufacturing, and supplying of specialty pharmaceutical products and therapies.
Image: IBA Molecular has acquired Mallinckrodt’s nuclear imaging business. Photo: courtesy of adamr / FreeDigitalPhotos.net.