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Mallinckrodt PLC (MNK)

  • Fri, Apr. 17, 8:11 AM
    • Mallinckrodt (NYSE:MNK) completes its $2.3B acquisition of Ikaria. The all-cash deal will add at least $150M to MNK's top line and $0.25 to non-GAAP EPS.
    • The company will provide updated 2015 guidance on May 5.
  • Wed, Apr. 8, 11:47 AM
    • Mylan (MYL +10.4%) submits a non-binding proposal to Perrigo (PRGO +27.6%) to acquire it for $205 per share in a cash-and-stock deal. If consummated, the combined company would generate over $15B in annual sales.
    • Generic drug-related tickers: (LCI +3%)(AKRX +4.4%)(MNK +2.8%)(IPXL +2.3%)(TARO +2.3%)(TEVA +3.2%)
  • Thu, Mar. 5, 1:23 PM
    • Analysts at Deutsche Bank and Oppenheimer both like the strategic fit of Ikaria with Manllinckrodt's (MNK +4.8%) blended business.
    • Deutsche maintains its "Buy" recommendations and raises its 2015 EPS estimate to $7.74 from $7.46 and price target to $130 (+7.4% upside) based on a P/E of 15.7.
    • Oppenheimer maintains its "Outperform" rating and raises its price target to $140 based on a P/E of 16.1.
    • Previously: Mallinckrodt buys critical care firm for $2.3B (March 5)
  • Jul. 14, 2014, 8:07 AM
    • The SEC declares the Form S-4 (joint proxy statement/prospectus) effective on July 11 regarding Mallinckrodt's (NYSE:MNK) acquisition of Questcor Pharmaceuticals (NASDAQ:QCOR). Both firms have scheduled shareholder meetings on August 14, 2014 for shareholders of record on July 9, 2014 to vote on the transaction.
  • May 12, 2014, 10:58 AM
    • The FTC terminates the waiting period effective May 9 regarding Mallinckrodt's (MNK) acquisition of Questcor Pharmaceuticals (QCOR -0.1%) thereby satisfying one of the conditions of the merger. Both companies' shareholders must still vote on the deal. The transaction is expected to close in Q3.
  • Feb. 11, 2014, 9:44 AM
    • Mallinckrodt (MNK) is +8% and Cadence (CADX) +26% following news that Mallinckrodt has agreed to acquire Cadence for $1.3B.
    • The deal will increase Mallinckrodt's specialty pharmaceutical offerings and its presence in hospitals, where Cadence's products are widely used. These include Ofirmev, an intravenous painkiller and fever reducer with estimated 2013 sales of $110.5M in 2013.
    • Mallinckrodt expects the transaction to be immediately accretive to its 2014 earnings and significantly accretive to income a year later.
    • Mallinckrodt plans to finance the transaction through a senior secured term loan facility.
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  • Feb. 11, 2014, 7:08 AM
    • Mallinckrodt (MNK) has agreed to acquire Cadence Pharmaceuticals (CADX) for $1.3B.
    • Mallinckrodt is offering $14.00 a share, which represents a 32% premium to Cadence's trailing 30-trading-day volume weighted average price of $10.62.
    • Cadence closed yesterday at $11.07; premarket trading has been halted. (PR)
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  • Jan. 2, 2013, 6:41 PM
    Questcor Pharmaceuticals (QCOR) acquires Canadian biotech firm BioVectra for C$50M. BioVectra is a contract manufacturing services provider to the global pharmaceutical and biotechnology industry and manufactures active pharmaceutical ingredients, chemical intermediates, and bioprocessing reagents. The acquisition is part of a larger strategy by QCOR to lock down a key ingredient maker for its only drug, Acthar, which isn't patent-protected, and will help to protect the drug's manufacturing process trade secrets.
  • Dec. 12, 2012, 12:47 PM
    As a condition of Medicines Company's (MDCO +1.9%) acquisition of Incline Therapeutics, Cadence Pharmaceuticals (CADX +4.9%) has agreed to terminate its exclusive option to acquire Incline. Upon MDCO's closing of the deal, CADX will receive around $13M in termination fees and roughly $1.5M for its Incline stake as well as a pro-rated share of future milestone payments.
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Company Description
Mallinckrodt PLC develops, manufactures, markets & distributes generic specialty pharmaceutical products, active pharmaceutical ingredients and diagnostic imaging agents. It operates in two segments; Specialty Pharmaceuticals & Global Medical Imaging.