Piramal acquires Mallinckrodt LLC's pain drug portfolio

NEW DELHI: Piramal Enterprises today said it has completed acquisition of a portfolio of drugs for spasticity and pain management from Mallinckrodt LLC.

Piramal in January had announced the acquisition for a cash consideration of $171 million and up to an additional $32 million payable depending on financial performance of the acquired assets over the next three years.

"Piramal Enterprises announced that its wholly-owned Critical Care subsidiary in the UK has completed its acquisition of a portfolio of drugs for spasticity and pain management from Mallinckrodt LLC," the company said in a BSE filing.

Piramal's critical care business is a global player in the hospital generics segment. It is the world's third largest producer of inhaled anesthetics.

The portfolio acquired includes Gablofen (baclofen), a severe spasticity management product, which is currently marketed in the US and two pain management products, which are under development at present, the filing said.

In the twelve months ended September 30, 2016, the acquired portfolio generated revenues of $44.6 million.

Shares of Piramal Enterprises were trading at 1871.90, up 0.50 per cent on BSE.