Villepinte, 27 November 2015 - Guerbet (FR0000032526 GBT), announces that it has completed its acquisition of the "contrast media and delivery systems" (CMDS) business of Mallinckrodt. The new entity brings together 2,500 employees, with a pro forma turnover of about €800M(1).
On 18 November 2015, Guerbet's Board of Directors approved the acquisition of the CMDS activity of Mallinckrodt.
Yves L'Epine Guerbet's CEO commented: "With this transaction, which is essential to our strategy of expansion, we see birth of a leader in medical imaging. Guerbet will be strengthened both in terms of its geographical positions and its portfolio with flagship products in each of its segments. We are happy to be able to count on the highly motivated CMDS teams who are keen to join forces and create, with the teams already in place, the market's first "pure player".
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"Our established CMDS business is an excellent strategic and complementary fit for Guerbet, and we believe CMDS customers will benefit from access to a broad, high-quality offering to meet the needs of patients worldwide," commented Mark Trudeau, Mallinckrodt's President and CEO.
The transaction has all necessary regulatory approvals and the customary closing conditions have been met.
Guerbet is acquiring 100% of the Mallinckrodt CMDS business for $270M total, paid in cash and financed by a loan syndicated by BNP Paribas.
Acquisition creates a global leader specializing in contrast media and imaging solutions and services (ISS)
The acquisition relates to companies with their production sites, intellectual property rights and distribution subsidiaries in the various geographical areas.
With this acquisition, Guerbet will reach a critical size in each segment and geography, with the ambition to join the world top three imaging companies.
The complementarity strengths of Guerbet and CMDS promise to bring rapid benefits:
In contrast agents, CMDS is in a strong position with Optiray® and Optiject® (Europe) / Ultraject® (USA) in X-Rays, whereas Guerbet has a strong position in MRI with Dotarem®;
In Imaging Solutions and Services, this acquisition will bring technological synergies, with CMDS mastering syringe-based delivery systems and Guerbet the innovative hydraulic injection technique for soft bags;
From a geographical perspective, a similar synergy exists with a strong position of CMDS in the United States and Guerbet in Europe. The acquisition will allow Guerbet to ramp up the commercial success of Dotarem in the United States and consider a much faster global launch for the Group's new products. In addition, Guerbet will strengthen its presence on markets with high growth potential, particularly in China, Russia, and Turkey.
