Business & Finance
Piramal completes acquisition of Mallinckrodt's pain drug portfolio
20 March 2017 -

Piramal Enterprises (NSE: PEL) has completed the acquisition of Mallinckrodt LLC's portfolio of drugs for spasticity and pain management, The Economic Times reported on Monday.

Piramal announced the acquisition in January for a cash consideration of USD171m. Depending on the financial performance of the acquired assets over the next three years, up to an additional USD32m will be payable.

Included in the acquired portfolio is Gablofen (baclofen), a severe spasticity management drug that is currently marketed in the US. Two pain management products, currently under development, are also included in the acquisition.

In a BSE filing, the company said: "Piramal Enterprises announced that its wholly-owned Critical Care subsidiary in the UK has completed its acquisition of a portfolio of drugs of spasticity and pain management from Mallinckrodt LLC."

In the 12 months ending 30 September 2016, the acquired portfolio generated revenues of USD44.6m.

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