Procurement News Notice |
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| PNN | 2859 |
| Work Detail | Mallinckrodt has entered into an agreement to sell its nuclear imaging business to IBA Molecular for $690 million, the company said Wednesday. The Hazelwood-based drug manufacturer said it is moving away from nuclear imaging to continue its focus on high-growth specialty pharmaceuticals. The deal affects 800 employees and two manufacturing facilities, including one in Maryland Heights. When the deal is complete, those employees and facilities will be transferred to IBA Molecular (IBAM). The deal is contingent on approval by the U.S. Nuclear Regulatory Commission and the Committee on Foreign Investment in the United States. IBA Molecular is based in Belgium; its North American headquarters is in Dulles, Va. After the sale, all that will remain of Mallinckrodt’s operations in the St. Louis area will be its legacy business of making generic drugs, including painkillers and active pharmaceutical ingredients, and some key administrative jobs. The company, which traces its roots in St. Louis to 1867, last week announced it would move its specialty pharmaceuticals business to New Jersey and invest $400 million in a new, 400-employee campus. After making key acquisitions over the last 18 months, the company said it needed to place those operations in one location as opposed to having them spread out across the country. Last summer, Mallinckrodt sold another of its legacy businesses, the contrast media unit for $270 million in order to focus on its growing portfolio of specialty pharmaceuticals. Mallinckrodt has a long corporate history of working with nuclear materials, and played a key role in the Manhattan Project, which developed the atomic bomb. Shares of Mallinckrodt fell $3.92 on Wednesday, closing at $79.14. |
| Country | United States , Northern America |
| Industry | Health & Medical |
| Entry Date | 03 Sep 2016 |
| Source | http://www.stltoday.com/business/local/mallinckrodt-to-sell-nuclear-imaging-business/article_428ac24d-b6bd-58ed-b56a-b89b15248518.html |
