Specialty pharmaceuticals company Mallinckrodt Plc said it would purchase pain drug maker Cadence Pharmaceuticals Inc for about $1.3 billion to expand in the hospital market, where Cadence's products are widely used.The deal will add Cadence's Ofirmev - an intravenous acetaminophen formulation for use in pain and fever - to Mallinckrodt's portfolio of pain products.The drug, which was approved in November 2010, is expected to have generated sales of $110.5 million in 2013.Ofirmev, used in more than 2,350 U.S. hospitals, has been used to treat an estimated 6-7 million patients since its launch in January 2011, the two companies said in a statement.
Cadence Pharmaceuticals, Inc. operates as a biopharmaceutical company. Shares of CADX remained unchanged at $11.07. In the past year, the shares have traded as low as $4.45 and as high as $12.69. On average, 980039 shares of CADX exchange hands on a given day and today's volume is recorded at 7591102.
Mallinckrodt public limited company (Mallinckrodt) is a global specialty pharmaceuticals company. Shares of MNK remained unchanged at $59.31. In the past year, the shares have traded as low as $41.00 and as high as $61.77. On average, 714997 shares of MNK exchange hands on a given day and today's volume is recorded at 61062.
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