Mallinckrodt plc, a specialty pharmaceutical firm, announced on Monday that it has agreed to sell its Therakos business to the investment firm CVC Capital Partners' Fund IX for $925 million, subject to customary adjustments.
Therakos offers a fully integrated extracorporeal photopheresis (ECP) delivery system for autologous immunomodulatory therapy, with approvals for use in the United States, Canada, Europe, Japan, Australia, and Latin America. It is the preferred platform among healthcare providers and patients for treating various immune-related diseases.
Mallinckrodt plans to use the net proceeds to reduce its net debt by over 50%. The transaction is anticipated to close in the fourth quarter of 2024, pending regulatory approvals and other customary closing conditions.
As part of the agreement, key employees involved with Therakos will transition with the business to continue supporting the product.
Following the acquisition, CVC intends to make further investments in ongoing research, development, as well as the expansion of indications and geographic reach of Therakos.
CVC's Cathrin Petty and Phil Robinson stated, “We see significant opportunities ahead to expand Therakos' indications, enter new geographies, and bring this innovative treatment to more patients around the world.”
In this transaction, Lazard is acting as Mallinckrodt's financial advisor, while UBS is serving as CVC's financial advisor.
