Mallinckrodt plc (Dublin, Ireland) has entered into a definitive agreement to sell its nuclear imaging business to IBA Molecular (IBAM) (Sterling, VA, USA) for approximately USD 690 million.
Mallinckrodt develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products and therapies, while its nuclear imaging business includes diagnostic imaging products. The company is a global producer of the key medical isotope molybdenum-99, from which technetium-99m is derived for use in roughly 80% of all nuclear medicine procedures worldwide. IBAM is a global manufacturer and distributor of radiopharmaceutical products with a product portfolio and pipeline of diagnostic and therapeutic tracers, and is active in the PET and SPECT segments.
"Mallinckrodt's Nuclear Imaging operation has a long history going back 50 years, and has been a strong cash-generating business over time. Our team has made significant progress in driving profitability over the past few years," said Mark Trudeau, President and Chief Executive Officer of Mallinckrodt. "But with our strategic priorities focused on enlarging our portfolio in the high-growth specialty pharmaceuticals space," Trudeau continued, "we believe the sale of our Nuclear Imaging portfolio to IBAM is the best solution for both the business itself and Mallinckrodt."
Renaud Dehareng, Chief Executive Officer of IBAM, said, "We are very excited about this acquisition. IBAM's and Mallinckrodt's Nuclear Imaging business' complementary footprint and capabilities will substantially broaden our ability to serve patients globally. We are very pleased to welcome our new colleagues to IBAM upon closing and look forward to working together in this next chapter of our company's development."