Mallinckrodt To Buy Sucampo Pharma In $1.2 Bln Deal - Quick Facts

(RTTNews) - Mallinckrodt plc (MNK) and Sucampo Pharmaceuticals, Inc. (SCMP) announced an agreement under which Mallinckrodt will acquire Sucampo, including its commercial and development assets. Sun Acquisition Co., a subsidiary of Mallinckrodt, will commence a cash tender offer to purchase all of the outstanding shares of Sucampo Pharmaceuticals' common stock for $18.00 per share. The total transaction value (including anticipated payments in respect of Sucampo's debt) is approximately $1.2 billion. Sucampo stockholders holding approximately 32% of the outstanding Sucampo shares have entered into a tender and support agreement for the transaction.

Mark Trudeau, CEO of Mallinckrodt, said: "The acquisition brings near-term net sales and earnings accretion through AMITIZA and bolsters our pipeline in rare diseases with VTS-270 and CPP-1X/sulindac. We look forward to adding the Sucampo portfolio and welcoming members of its team to Mallinckrodt."

Mallinckrodt expects accretion from the acquisition to adjusted earnings per share of at least $0.30 in 2018 and at least double that amount in 2019, assuming a first quarter 2018 close.