January 6, 2016 — The Medicines Company announced Dec. 18 it has entered into a purchase agreement pursuant to which certain subsidiaries of Mallinckrodt plc will acquire The Medicines Company’s global portfolio of hemostasis products. The deal includes Recothrom Thrombin topical (Recombinant), PreveLeak and Raplixa (fibrin sealant) for a total potential consideration of up to $410 million.
The Medicines Company will receive an initial payment of approximately $175 million, including inventory, at closing and has the potential to receive up to $235 million in additional consideration for future milestone payments. Subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act, the transaction is expected to close in the first calendar quarter of 2016.
Glenn Sblendorio, president and chief financial officer, The Medicines Company, said “This deal will deliver a substantial amount of non-dilutive capital to the company so that we can continue to focus on core programs including our research and development for PCSK9 inhibition and continue to unlock shareholder value.”
Leerink Partners LLC is acting as financial advisor, and WilmerHale is acting as legal advisor to The Medicines Company.
For more information: themedicinescompany.com