MANSFIELD – Medical device maker Covidien PLC’s pharmaceutical arm, Mallinckrodt, has completed its acquisition of St. Paul, Minn.-based CNS Therapeutics Inc. for roughly $100 million.
CNS, a privately help specialty pharmaceutical company, focuses on developing and commercializing products for site-specific administration to the central nervous system for the treatment of neurological disorders and chronic pain.
“We are excited to welcome the CNS team to the Mallinckrodt family,” Mark Trudeau, president of pharmaceuticals, said in a statement. “CNS Therapeutics’ marketed product line complements our branded portfolio and supports our strategy of leveraging our therapeutic expertise and our core capabilities in manufacturing, regulatory and commercialization to serve patients.”
Covidien, which said it does not expect the transaction to have an impact on its fiscal 2013 sales or earnings per share, will report the CNS Therapeutics business in the specialty pharmaceuticals product line within the pharmaceuticals segment.
Currently, Mallinckrodt is the largest supplier of opioid pain medications in the U.S. and among the top 10 generic pharmaceutical manufacturers in the country, based on prescriptions, according to Covidien.
Covidien announced plans in December to spin off Mallinckrodt into a stand-alone company. The process is expected to be completed mid-2013.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.