Piramal Enterprises’ (PEL) wholly owned Critical Care subsidiary in UK has completed its acquisition of a portfolio of drugs for spasticity and pain management from Mallinckrodt LLC (Mallinckrodt). The acquisition was for a cash consideration of $171 million and up to an additional $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. In the twelve months ending September 30, 2016, the acquired portfolio generated revenues of $44.6 million.
Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.
