Hazelwood-Based Covidien Spin-Off to Acquire CNS Therapeutics
Mallinckrodt announced it would acquire the drug company to boost its product pipeline on Monday.
As future Covidien spin-off company Mallinckrodt prepares to stand on its own, the company is boosting its product pipeline by acquiring CNS Therapeutics, according to a report from the St. Louis Post-Dispatch.
Hazelwood-based Mallinckrodt confirmed Monday that it would purchase CNS Therapeutics, based in St. Paul, MN for $100 million. The deal will include the acquisition of all outstanding capital stock in CNS and is expected to close by the end of the year.
CNS is a privately-held company that has products in development that will treat neurological disorders and chronic pain, as well as one marketed product called Gablofen, which is reportedly selling well and generating profit.
Gablofen is prescribed to treat severe spasticity in patients with neurological disorders.
The company’s U.S. operations will remain based in Hazelwood, while its legal headquarters will be in Ireland. Mallinckrodt was founded as G. Mallinckrodt & Co. in St. Louis in 1867. The company was acquired by Tyco International in 2000, which spun off its Tyco Healthcare division as Covidien in 2007, the Post reported.