Mallinckrodt plc, specialty pharmaceutical company, has closed the sale of Recothrom Thrombin topical (Recombinant) and Preveleak Surgical Sealant to Baxter International Inc..
“This action further illustrates the strategic evolution of our portfolio, and will free resources for investing in treatments for seriously ill infants and adults,” said Mark Trudeau, president and CEO of Mallinckrodt. “We believe these products are an excellent fit for Baxter, and this transaction is the best solution to meet patient needs.”
The approximately $185 million transaction consists of a base payment of $153 million, inclusive of existing inventory and subject to a closing inventory adjustment, and the remainder in potential future milestones. Baxter will assume other expenses, including contingent liabilities associated with Preveleak .
Recothrom Thrombin topical (Recombinant) and Preveleak Surgical Sealant, both products for use in the control of bleeding in the surgical suite, are included in the transaction, as well as the manufacturing operation for Preveleak.