Featured Company News – Mallinckrodt Completes Acquisition of InfaCare Pharmaceutical; Acquires Global Rights for Stannsoporfin

LONDON, UK / ACCESSWIRE / September 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Mallinckrodt PLC (NYSE: MNK), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MNK. The Company announced on September 25, 2017, that it has completed the acquisition of privately held specialty pharma Company InfaCare Pharmaceutical Corporation. The Company specializes in development and commercialization of proprietary drugs aimed at neonatal and pediatric patients. Mallinckrodt had announced the acquisition on August 04, 2017, in a deal valued approximately $425 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Sharing his views on completion of the acquisition of InfaCare, Mark Trudeau, CEO of Mallinckrodt said:

“The addition of Stannsoporfin further expands and diversifies Mallinckrodt’s pediatric pipeline, and will add strength and breadth to our Specialty Brands business. There is an urgent need for therapies to treat thousands of infants at risk for serious illness or death due to severe jaundice, and Mallinckrodt is committed to bringing Stannsoporfin to this population as quickly and efficiently as possible.”

As per the previously agreed terms, Mallinckrodt has paid InfaCare $80 million as upfront payment. InfaCare is eligible for additional milestone payments of up to $345 million on reaching certain pre-agreed regulatory and sales targets. The Company expects that the acquisition would be dilutive to the adjusted diluted EPS by $0.15-$0.20 for the current FY17 and modestly higher in FY18. However, the Company has said that it would be unable to provide the guidance for GAAP based diluted EPS as it would be difficult to forecast the exact timing of the number of factors that would be used for such calculations.

The highlight of the acquisition – InfaCare lead product, Stannsoporfin

The current acquisition is particularly important for Mallinckrodt as it would gain global rights to InfaCare lead product, Stannsoporfin and any patents related to it. Stannsoporfin is being developed as a pharmacologic treatment for neonatal jaundice, known clinically as hyperbilirubinemia (HB).

Jaundice, or hyperbilirubinemia, is a common clinical condition seen in both term and pre-term new-born. It is estimated that nearly 750,000 infants are treated for jaundice annually. Many of these infants are unresponsive to the conventional treatment, i.e. phototherapy and run the risk of developing severe jaundice prior to discharge even after repeated treatment. Out of these, a smaller percentage of infants may even have to be readmitted to hospitals as they can experience elevated bilirubin levels after discharge and be at risk of severe jaundice. It is anticipated Stannsoporfin has the potential to reduce the incidence of readmission. The total number of patients that require treatment for severe jaundice in US every year is approximately 70,000 to 125,000.

Stannsoporfin is a heme oxygenase inhibitor and is being investigated for having the potential to reduce the production of bilirubin. Once approved Stannsoporfin is expected to be a highly effective therapy used for near- and full-term infants at risk of developing complications associated with severe jaundice.

The New Drug Application (NDA) for Stannsoporfin was filed with the US Food and Drug Administration (FDA) in July 2016. Later, in December 2016, FDA granted Fast Track designation for Stannsoporfin. The Jasmine trial, the Phase-II B clinical trials for Stannsoporfin in neonates has been completed by InfaCare. If the product is approved for commercialization, Stannsoporfin is expected to become the first and only pharmacologic option indicated for the treatment of neonates at risk for developing severe hyperbilirubinemia, or severe jaundice.

Going forward, if Stannsoporfin is approved, Mallinckrodt plans to commercialize the product using its current sales infrastructure and the organization that handles its product INOMAX® (nitric oxide) gas, for inhalation, therapy in neonatal centers across the US.

About Mallinckrodt

Mallinckrodt is a multibillion-dollar specialty pharmaceutical Company with a 150-year legacy. The Company develops, manufactures, markets and distributes specialty pharmaceutical products and therapies with a special focus on autoimmune and rare diseases. It is working on specialty areas like neurology, rheumatology, nephrology, pulmonology, and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; and analgesics and hemostasis products. The Company is known for acquiring and managing highly regulated raw materials and specialized chemistry, formulation, and manufacturing capabilities. The Company has two main verticals – Specialty Brands, handles branded medicines; and Specialty Generics segment, which handles specialty generic drugs, active pharmaceutical ingredients, and external manufacturing. Mallinckrodt has its global headquarters in Surrey, UK, its US headquarters is at St. Louis, Missouri, and its Global External Manufacturing Operations in Dublin, Ireland.

Last Close Stock Review

On Wednesday, September 27, 2017, Mallinckrodt’s stock closed the trading session at $35.39, climbing 2.08% from its previous closing price of $34.67. A total volume of 1.77 million shares were exchanged during the session. The stock currently has a market cap of $3.44 billion.

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