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IBA Molecular to buy Mallinckrodt’s nuclear imaging business for $690m

Radiopharmaceutical products manufacturer IBA Molecular (IBAM) has signed an agreement to acquire Mallinckrodt’s nuclear imaging business for around $690m.

The divested nuclear imaging business includes a portfolio of diagnostic imaging products.

The products have been approved for use in nuclear medicine procedures in multiple countries across the globe.

According to Mallinckrodt, the two-thirds of current annual revenues from its nuclear imaging business originate in the US.

The business produces medical isotope molybdenum-99 from which technetium-99m (Tc-99m) is derived.

The Tc-99m is used in around 80% nuclear medicine procedures across the globe.

Under the deal, IBAM will acquire two manufacturing facilities that are engaged in nuclear medicine products and sterile-fill pharmaceutical manufacturing. These are situated in Maryland Heights of Missouri in the US and Petten of Netherlands.

Around 800 Mallinckrodt employees working in the manufacturing, commercial, operations, and shared service units in North America and Europe that support nuclear imaging business will also join IBAM.

Subject to multiple closing conditions, the dela is expected to complete in the first half of the nxt year.

Mallinckrodt president and CEO Mark Trudeau said: "Mallinckrodt's Nuclear Imaging operation has a long history going back 50 years, and has been a strong cash-generating business over time.”

IBAM CEO Renaud Dehareng said: “We are very excited about this acquisition. IBAM's and Mallinckrodt's Nuclear Imaging business' complementary footprint and capabilities will substantially broaden our ability to serve patients globally.”