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Mallinckrodt completes $690 million sale of nuclear imaging business to IBA

by Gus Iversen, Editor in Chief | January 30, 2017
Business Affairs Molecular Imaging
Mallinckrodt announced today that it has closed the sale of its global Nuclear Imaging business to IBA Molecular (IBAM) for approximately $690 million before tax.

The Nuclear Imaging business encompasses two manufacturing facilities and a total of more than 800 employees in locations around the globe, including nearly 350 in the St. Louis, Missouri area.

The business is a prominent global producer of the key medical isotope molybdenum-99, from which the workhorse SPECT isotope, technetium-99m (Tc-99m), is derived.
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Mallinckrodt's decision to divest Nuclear Imaging was announced last August, and is a decision aligned with the company's strategy to transform its portfolio with specialty pharmaceutical assets that are "durable, innovative and have significant volume growth potential," according to a statement.

"The divestiture of our Nuclear Imaging business is another important step toward the evolution of our portfolio," said Mark Trudeau, president and CEO of Mallinckrodt. "Our Nuclear Imaging business is an excellent strategic fit for the IBAM organization and we believe the expanded global reach of the combined business will enable IBAM to substantially increase its ability to meet the needs of patients around the world. With this transaction, we are pleased to welcome IBAM to the St. Louis area."

The total price tag consists of approximately $574 million of up-front consideration, the assumption of approximately $39 million of long-term obligations, and approximately $77 million of contingent consideration.

"We have created a new world-class nuclear imaging business. We have over 1,500 skilled employees across four continents, an unrivalled global manufacturing footprint comprising 21 leading-edge production facilities, a commercial presence in over 60 countries serving more than 6,000 customers, and very complementary product portfolios and technical capabilities," said Renaud Dehareng, chief executive officer of IBAM.

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