Piramal Enterprises acquires drug portfolio from Mallinckrodt

Mumbai, Jan 30 (IANS) Pharmaceutical major Piramal Enterprises on Monday said its wholly owned critical care subsidiary in the UK has entered into an agreement to acquire a portfolio of drugs from Mallinckrodt LLC for a consideration of $171 million.

The company statement said: "...Wholly owned critical care subsidiary in the UK has entered into an agreement to acquire a portfolio of spasticity and pain management drugs from Mallinckrodt LLC in an all cash deal for a consideration of $171 million."

The statement further said: "An additional $32 million (was) payable depending on financial performance of the acquired assets over the next three years."

It is the company's seventh acquisition in the last two years, taking its investment for inorganic growth to Rs 3,000 crore across its pharmaceutical businesses.

"All these acquisitions are expected to be value accretive and will improve our pharmaceutical segment's growth and EBITDA in percentage and in absolute terms," said company Chairman Ajay Piramal.

"This transaction is a step further in our strategy to make investments, in both internal developments and acquisitions, to expand our presence in the global generic hospital drug market, which is greater than $20 billion in size," he said.

"This is our second acquisition in the last four months, following our acquisition of a portfolio of anaesthesia and pain management injectable drugs from Janssen Pharmaceutica NV," Piramal Critical Care's CEO Peter DeYoung added.