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06 Aug 2024
Admin
News Article

CVC to Acquire Mallinckrodt’s Therakos Business for $925 Million

Overview

Mallinckrodt plc, a global specialty pharmaceutical company, and CVC Capital Partners (CVC), one of the world's leading investment firms, announced that they have entered into a definitive agreement under which CVC Capital Partners Fund IX will acquire the company's Therakos business for a purchase price of $925 million, subject to customary adjustments.

About Therakos

Therakos is a fully integrated extracorporeal photopheresis (ECP) delivery system for autologous immunomodulatory therapy.
With approvals for use in the US, Canada, Europe, Japan, Australia and Latin America, it is the platform-of-choice among healthcare providers and patients to treat a range of immune-related diseases.
CVC has deep expertise in healthcare and a global portfolio of life sciences businesses spanning pharma, med-tech and healthcare services.
The firm intends to make additional investments in the continued research, development, indication expansion and geographic expansion of Therakos.
Terms of the agreement- Under the terms of the agreement, key employees who work on Therakos will transition with the business and continue supporting the product and its stakeholders.

From the CVC's Healthcare Team

On behalf of CVC's Healthcare team, Cathrin Petty and Phil Robinson said, "We see significant opportunities ahead to expand Therakos' indications, enter new geographies and bring this innovative treatment to more patients around the world. We look forward to working closely with the talented Therakos team and adding this best-in-class ECP system with an unparalleled efficacy, safety and tolerability profile to our portfolio of healthcare businesses."

Words from the CEO: Mallinckrodt

"Today's announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders," said Siggi Olafsson, president and chief executive officer of Mallinckrodt.
"This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees. I thank the Therakos team for their ongoing commitment and dedication to improving the lives of patients."

Mallinckrodt Ideas on the Transaction

Mallinckrodt intends to use net proceeds from the transaction to reduce its net debt by more than 50%.
The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

Legal Representatives of Mallinckrodt

Lazard is serving as Mallinckrodt's financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as primary legal counsel, with Arthur Cox serving as counsel in Ireland and A&O Shearman serving as counsel in other international geographies.

CVC's Advisors

UBS is serving as CVC's financial advisor, together with Freshfields Bruckhaus Deringer (legal counsel), PWC (financial) and Candesic (commercial).

About Mallinckrodt

Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies.

About CVC

CVC is a leading global private markets manager with a network of 29 office locations throughout EMEA, the Americas, and Asia, with approximately €193 billion of assets under management.

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