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Joele Frank handles media for Dublin-based Mallinckrodt as the specialty pharmaceuticals company irons out a deal to divest its Therakos business to CVC Capital Partners for $925M.
Therakos provides delivery systems to treat a wide range of immune-related diseases.
The divestiture underscores Mallinckrodt’s commitment on executing its strategic priorities and creating value for stakeholders, according to CEO Siggi Olafsson.
Mallinckrodt will earmark the proceeds received from the divestiture to reduce debt by more than 50 percent.
CVC, which has a portfolio of life sciences businesses spanning the pharma, med-tech and healthcare sectors, sees opportunities to expand Therakos’ indications, and enter new geographic markets.
Based in Luxembourg, CVC has $247B in assets under management. Its 130 companies generate about $200B in combined annual revenues.
The transaction is expected to close by yearend.
Joele Frank, Wilkinson Brimmer Katcher’s Michael Freitag, Aaron Palash, and Aura Reinhard represent Mallinckrodt.
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