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Piramal Enterprises Completes acquisition of a Portfolio of Drugs for Spasticity and Pain Management from Mallinckrodt LLC.

Posted On: 2017-03-20 11:58:49

Piramal Enterprises Limited ("Piramal," NSE: PEL, BSE: 500302) announced that its wholly owned Critical Care subsidiary in the UK has completed its acquisition of a portfolio of drugs for spasticity and pain management from Mallinckrodt LLC ("Mallinckrodt").

As indicated in the Press Release dated January 30, 2017, the acquisition was for a cash 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 three years.

The portfolio acquired includes Gablofen® (baclofen), 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 eight 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. The pain management drugs under development are also for intrathecal administration. In the twelve months ending September 30, 2016, the acquired portfolio generated revenues of US$44.6 million.

Shares of PIRAMAL ENTERPRISES LTD. was last trading in BSE at Rs.1845.35 as compared to the previous close of Rs. 1862.65. The total number of shares traded during the day was 5797 in over 644 trades.

The stock hit an intraday high of Rs. 1877.6 and intraday low of 1845. The net turnover during the day was Rs. 10772113.


Source: Equity Bulls

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