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Mallinckrodt Set to Acquire Sucampo.

LONDON -- Diversifying its product portfolio, Mallinckrodt PLC plans to buy Sucampo Pharmaceuticals Inc. in a deal valued at $1.2 billion.

Under the agreement, Mallinckrodt is slated to buy Sucampo's commercial and development assets for $18 per share as well as assume Sucampo's debt. The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions.

For United Kingdom-based Mallinckrodt, the deal would bring a pair of currently marketed pharmaceutical products: Amitiza (lubiprostone), a medication for constipation, and Rescula (unoprostone isopropyl ophthalmic solution 0.15%), a treatment for ocular hypertension and open-angle glaucoma.

Also from Sucampo would come two key products in development: VTS-270 (Phase 3), a treatment for the rare neurodegenerative disease Niemann-Pick Type C (NPC), and CPP-lX/sulindac, a drug for familial adenomatous polyposis (FAP), which causes polyps to proliferate in the lower digestive tract and without treatment leads to colorectal cancer.

"Mallinckrodt's acquisition of Sucampo is the latest milestone towards our vision of becoming an innovation-driven specialty pharmaceutical growth company focused on improving outcomes for patients with severe and critical conditions," commented Mark Trudeau, president and chief executive officer of Mallinckrodt. "The acquisition brings near-term net sales and earnings accretion through Amitiza and bolsters our pipeline in rare diseases with VTS-270 and CPP-lX/sulindac. We look forward to adding the Sucampo portfolio and welcoming members of its team to Mallinckrodt."

Amitiza is approved by the Food and Drug Administration for treatment of chronic idiopathic constipation in adults; irritable bowel syndrome with constipation in women ages 18 and older; and opioid-induced constipation in adults with chronic, noncancer pain. The FDA also is reviewing a supplemental New Drug Application (sNDA) for Amitiza as a treatment for children ages 6 to 17 with pediatric functional constipation.

Of branded products on the market, only Amitiza is approved for three constipation indications in the United States, Mallinckrodt noted.

Reported 2016 global net sales of Amitiza totaled $456 million. If approved for PFC in the first quarter of 2018, Amitiza would be the first and only approved prescription therapy available to treat children with PFC, a condition that affects about 18% of the U.S. pediatric population.

"With the addition of its significant resources and expertise, we believe Mallinckrodt is a natural partner to accelerate the development of our rare disease assets in NPC and FAP, and to continue to provide Amitiza for patients suffering from constipation-related disorders," stated Peter Green-leaf, chairman and CEO of Rockville, Md.-based Sucampo.

Rescula is currently marketed in Japan. Plans call for Mallinckrodt to acquire global rights to the product, which has annual net sales of about $9 million.

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Title Annotation:RX: RETAIL PHARMACY
Publication:Chain Drug Review
Date:Jan 15, 2018
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