Mallinckrodt to Divest its Subsidiary BioVectra for $250M

Shots:

• H.I.G. Capital acquires BioVectra (a subsidiary of Mallinckrodt) for $175M fixed consideration including $135M as up front and $40M as long term note along with a contingent payment of $75M. The transaction is expected to close in Q4’19
• BioVectra will continue to supply an API to support Mallinckrodt’s brands business and allow it to focus on its branded biopharmaceuticals by monetizing a non-core business. The transaction is expected to include all BioVectra’s sites across Prince Edward Island and Nova Scotia, Canada with its employee base
• BioVectra is a CDMO serving global pharmaceutical and biotech companies with full-service cGMP outsourcing solutions for intermediates and APIs and has 45yrs. experience in cGMP microbial fermentation, complex chemistry-high potency APIs, biologics, formulation development

Click here to­ read full press release/ article | Ref: Mallinckrodt | Image: BioVectra