Mallinckrodt plc, renowned for its specialty pharmaceutical solutions, has officially concluded the sale of its Therakos unit to CVC Capital Partners Fund IX in a deal valued at $925 million, subject to standard adjustments.
Siggi Olafsson, serving as president and chief executive officer, expressed satisfaction with the transaction’s completion. “We are thrilled to finalize this arrangement, aligning Therakos with a capable partner poised to fuel its growth. This step allows us to better structure our capital and sharpen our focus on core competencies,” he said. Olafsson extended gratitude and best wishes to the Therakos team for their dedication.
Proceeds from the sale will enable Mallinckrodt to significantly lower its debt, aiming for over a 60% reduction in net debt imminently.
Lazard took on the role of financial advisor for Mallinckrodt, while Wachtell, Lipton, Rosen & Katz offered primary legal guidance. Arthur Cox provided counsel in Ireland, and A&O Shearman managed legal affairs in various international regions.
Mallinckrodt operates as a global entity with several wholly owned subsidiaries, focusing on the development, manufacturing, marketing, and distribution of specialized pharmaceutical products and therapies.