The U.K.-based, wholly-owned critical care subsidiary of Piramal Enterprises Ltd. has entered into an agreement to acquire a portfolio of intrathecal spasticity and pain management drugs from Mallinckrodt LLC for $171 million in an all-cash deal.
Additional payment
The deal, announced by Piramal Enterprises on Monday, also involves an additional payment of $32 million depending on the financial performance of the acquired assets over the next three years.
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“We will continue to invest in the growth of our pharmaceutical businesses. All these acquisitions are expected to be value accretive and will improve our pharmaceutical segment’s growth and EBITDA in percentage and in absolute terms,” said Ajay Piramal, Chairman, Piramal Enterprises Ltd.
“This transaction is a step further in our strategy to make investments, in both internal developments and acquisitions, to expand our presence in the global generic hospital drug market, which is greater than $20 billion in size.
Through this strategy, our focus continues to be on the creation of long-term value for shareholders,” he said. Mr. Ajay Piramal said the company would pursue both organic and inorganic growth in overseas and domestic markets.
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