Pharmaceutical major Piramal Enterprises announced that its wholly owned critical care subsidiary in the UK has entered into an agreement to acquire a portfolio of drugs from Mallinckrodt LLC for a consideration of $171 million (Indian Rs1,160 crore). Deal also define that an additional $32 million (was) payable depending on financial performance of the acquired assets over the next three years.
This is Piramal’s acquisition in the last four months, following our acquisition of a portfolio of anaesthesia and pain management injectable drugs from Janssen Pharmaceutica NV.
The drug portfolio acquired from Mallinckrodt includes Gablofen, a severe spasticity management drug, and two other products which are under development. The deal also includes additional payment of $32 million depending on the financial performance of these drugs over the next three years.
While Gablofen is currently marketed in the US, the company said it has also got approval to launch the drug in eight European markets. For the 12 months ended September, the acquired portfolio had revenue of $44.6 million (Rs303 crore). In comparison, PEL’s health care division reported revenue of Rs1,725 crore for the half year ended September. The acquisition would help in strengthening its presence in the US, which currently contributes around 35-40% to the company’s overall pharma business.
This deal also will boost Piramal’s presence in the global generic hospital drug market, which is worth over $20 billion in sales.