Mallinckrodt Closes $1.4 Bln Acquisition Of Cadence Pharma

(RTTNews) - Specialty pharmaceuticals company Mallinckrodt plc (MNK) said Wednesday it has closed its about $1.4 billion acquisition of Cadence Pharmaceuticals Inc (CADX). The deal was announced on Feb. 11.

Mallinckrodt expects the deal to be immediately accretive to its fiscal 2014 adjusted earnings per share and significantly accretive in fiscal 2015.

The deal adds Ofirmev (acetaminophen) injection, a high-growth, differentiated pain product, to Mallinckrodt's roster of brands. Ofirmev also provides Mallinckrodt with an expanded presence in the U.S. hospital channel.

"We are excited by the opportunities provided by Ofirmev, which will significantly expand Mallinckrodt's ability to serve U.S. hospitals," said Mark Trudeau, CEO of Mallinckrodt.

Ofirmev is on the list of medicines covered by over 2,350 U.S. hospitals and has been used to treat about 7 million patients since its launch in January 2011.

As a result of the merger, Cadence became an indirect, wholly owned subsidiary of Mallinckrodt.