Piramal Enterprises Limited announced that its wholly owned Critical Care subsidiary in the UK has entered into an agreement to acquire a portfolio of intrathecal spasticity and pain management drugs from Mallinckrodt LLC in an all cash deal for a consideration of US$ 171 million and up to an additional US$ 32 million payable depending on financial performance of the acquired assets over the next 3 years.
The portfolio acquired includes Gablofen, a severe spasticity management product, which is currently marketed in the United States, and two pain management products, which are currently under development. Gablofen has also been approved for launch in 8 European markets. Gablofen® is the only intrathecal baclofen drug available in vials and pre-filled syringes, which are preferred by users over the competing products available in ampoules.
Ajay Piramal, Chairman, Piramal Enterprises Limited said, We continue to invest in the growth of our pharmaceutical businesses. This would be our 7th pharma acquisition in the last two years, taking our investment for inorganic growth to Rs. 3,000 crores across our pharmaceutical businesses. All these acquisitions are expected to be value accretive and will improve our pharmaceutical segments growth and EBITDA in percentage and in absolute terms. Through this strategy, our focus continues to be the creation of long term value for shareholders.