Drugmaker Mallinckrodt said on Tuesday it transfer buy Sucampo Pharmaceuticals for about $840 million, excluding debt, to progress access to its constipation drug, Amitiza.
Mallinckrodt said it offered $18 per Sucampo share in held, representing a premium of about 6 percent to the stock’s Friday tiny.
The stock has gained about 14 percent since Dec. 6, a day in front of Bloomberg reported that Sucampo was considering selling itself after pull down takeover interest.
Sucampo’s shares rose 5 percent before the bell.
The impartiality value of the deal is based on 46.64 million outstanding Sucampo helpings as per Thomson Reuters data. Including debt, the deal is valued at in $1.2 billion, the companies said.
Mallinckrodt said it expects to means the deal through borrowings under an existing revolving credit expertness, a new secured term loan facility and cash on hand.
Assuming the handle closes by the first quarter of 2018, Mallinckrodt said it expects an summing-up of at least 30 cents per share to its 2018 adjusted earnings and at sparsest double that amount in 2019.
Sucampo reported strong revenue progress in the latest quarter, driven by sales of Amitiza, and the company raised its full-year takings forecast.
Deutsche Bank was Mallinckrodt’s financial adviser and Wachtell, Lipton, Rosen & Katz its forensic adviser.