Specialty pharmaceuticals company Mallinckrodt Plc said it would purchase Cadence Pharmaceuticals Inc for about $1.3 billion to acquire Cadence's pain drug Ofirmev. Mallinckrodt will pay $14 in cash per Cadence share, representing a premium of about 27 percent over Cadence's last close."Ofirmev's growth is driven by an expanding base of physicians who are prescribing the product for an increasing number of surgical patients," Mallinckrodt CEO Mark Trudeau said."The product will be an outstanding addition to the brands component of Mallinckrodt`s specialty pharmaceutical segment," Trudeau said in a statement.
Cadence Pharmaceuticals, Inc. operates as a biopharmaceutical company. Shares of CADX traded higher by 0.18% or $0.02/share to $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 456751.
Mallinckrodt public limited company (Mallinckrodt) is a global specialty pharmaceuticals company. Shares of MNK traded higher by 2.45% or $1.42/share to $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 1001367.
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