Piramal Group buys UK-based Mallinckrodt's pharma products for $171 mn

“We continue to invest in the growth of our pharmaceutical businesses. This transaction is a step further in our strategy to make investments, in both internal developments and acquisitions, to expand our presence in the global generic hospital drug market, which is greater than $ 20 billion in size. Through this strategy, our focus continues to be the creation of long term value for shareholders,” commented Ajay Piramal, chairman, Piramal Enterprises Limited.

Peter DeYoung, CEO - Piramal Critical Care, added, “This is critical care’s second acquisition in the last four months, following our acquisition of a portfolio of anaesthesia and pain management injectable drugs from Janssen Pharmaceutica NV. This acquisition provides Piramal a leadership position within the intrathecal spasticity segment and the opportunity to access the intrathecal pain management market, which is complementary to our critical care focus, and leverage our current operations and capabilities, especially in the US. These acquisitions add branded products that are in attractive niches with barriers to entry and limited competition. Along with our inhalation anaesthesia products, we are building an exciting portfolio to offer our customers and a substantially more diversified revenue base.”

Piramal’s critical care business, the world's third largest producer of inhaled anaesthetics, is one of the leading global players in the hospital generics segment. The business has marketing presence in over 100 countries with manufacturing locations in the US and India. PCC’s product portfolio includes inhalation anaesthetics, injectable anaesthesia and pain management products as well as other critical care products including plasma volume expanders.