Mallinckrodt swallows CNS Therapeutics' drug pipeline in $100M buyout
Covidien's pharma arm has struck a deal to buy up CNS Therapeutics' pipeline of pain and spasticity drug programs for $100 million. Billed as a top distributor of opioid pain products, St. Louis-based Mallinckrodt says that the buyout will complement its own R&D work in the field as it prepares to be spun out of Covidien ($COV) soon as a public company.
The St. Paul, MN-based CNS Therapeutics also has one drug on the market, which will be added to Mallinckrodt's specialty pharma operations as it preps for a spin-out slated for mid-2013. The generics drug company Mallinckrodt also markets operating room equipment.
"This acquisition supports our strategy of leveraging our therapeutic expertise and our core capabilities in manufacturing, regulatory and commercialization to serve patients," said Mark Trudeau, president, pharmaceuticals. "CNS Therapeutics' marketed product line complements our branded portfolio. Their central nervous system and pain management products in development complement our pipeline and address an important need for patients." Mallinckrodt reportedly has nine programs in development, including three branded therapies.
Just last June CNS reported that the FDA had approved its new concentration of Gablofen (baclofen injection) for patients receiving intrathecal baclofen therapy for the management of severe spasticity. Gablofen was originally approved back in late 2010. CNS's web site also notes that the company has been involved in Parkinson's research work.