Mallinckrodt to buy Cadence Pharmaceuticals for $1.3B

|About: Mallinckrodt PLC (MNK)|By:, SA News Editor

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)