Mallinckrodt’s Strategic Shift, $925 Million Agreement To Sell Therakos® To CVC

Mallinckrodt plc, a global leader in specialty pharmaceuticals, has reached a definitive agreement with CVC Capital Partners ("CVC"), one of the top investment firms worldwide. According to this agreement, CVC Capital Partners Fund IX will acquire Mallinckrodt's Therakos division for a total of $925 million, pending standard adjustments.

The Therakos system is a comprehensive extracorporeal photopheresis (ECP) solution designed for autologous immunomodulatory therapy. It has received approvals in the U.S., Canada, Europe, Japan, Australia, and Latin America, making it the preferred choice for healthcare professionals and patients treating various immune-related conditions.

CVC brings extensive healthcare expertise and manages a diverse portfolio of life sciences businesses, including pharmaceuticals, medical technology, and healthcare services. The firm plans to invest further in the research, development, and expansion of Therakos into new indications and markets. As part of the agreement, key personnel associated with Therakos will transition with the business to ensure ongoing support for the product and its stakeholders.

Cathrin Petty and Phil Robinson, on behalf of CVC's Healthcare Team said that, "We see significant opportunities ahead to expand Therakos' indications, enter new geographies and bring this innovative treatment to more patients around the world. We look forward to working closely with the talented Therakos team and adding this best-in-class ECP system with an unparalleled efficacy, safety and tolerability profile to our portfolio of healthcare businesses."

Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, commented, "Today's announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders. This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees. I thank the Therakos team for their ongoing commitment and dedication to improving the lives of patients.”