By PBN Staff
MANSFIELD – Medical device maker Covidien LLC’s pharmaceutical arm, Mallinckrodt, has entered into a definitive agreement to acquire St. Paul, Minn.-based CNS Therapeutics Inc.
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.
Mallinckrodt will acquire all outstanding capital stock from CNS for roughly $100 million. The deal is expected to close during the fourth quarter of 2012.
“This acquisition supports our strategy of leveraging our therapeutic expertise and our core capabilities in manufacturing, regulatory and commercialization to serve patients,” Mark Trudeau, president of pharmaceuticals, said in a statement.
“CNS Therapeutics’ marketed product line complements our branded portfolio,” added Trudeau. “Their central nervous system and pain management products in development complement our pipeline and address an important need for patients.”
Currently, Mallinckrodt is the largest supplier of opiod 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.