Mallinckrodt To Sell BioVectra - Quick Facts

(RTTNews) - Mallinckrodt plc (MNK) has agreed to sell its unit BioVectra to an affiliate of H.I.G. Capital for approximately $250 million. BioVectra is a contract development and manufacturing organization. It serves global pharmaceutical and biotech companies with full-service cGMP outsourcing solutions for intermediates and active pharmaceutical ingredients. Mallinckrodt said BioVectra will continue to supply an active pharmaceutical ingredient under a long-term arrangement.

"This transaction continues to advance Mallinckrodt's strategic focus on branded, high-growth biopharmaceuticals by monetizing a non-core business," said Mark Trudeau, CEO of Mallinckrodt.