The Medicines Company Completes Divestiture of its Hemostasis Portfolio to Mallinckrodt plc
The Medicines Company (NASDAQ:MDCO) today announced that it has completed the divestiture of its hemostasis portfolio to Mallinckrodt plc. The company’s global portfolio includes three hemostasis products – RECOTHROM® Thrombin topical (Recombinant), PreveLeak™ (surgical sealant), and RAPLIXA™ (fibrin sealant). The Medicines Company received an initial payment of approximately $174 million and has the potential to receive up to $235 million in additional consideration for future milestone payments.
Commenting on completion of the transaction, Clive Meanwell, MD, PhD, Chief Executive Officer, The Medicines Company, said “Closing this deal is a first step in executing the strategy we announced during our third quarter 2015 investor call which aims to unlock shareholder value while ensuring our potentially best in class products are available to fulfill the needs of customers. We will deploy the capital from this deal against our other products, including those in our R&D pipeline, which we believe have blockbuster potential. We are pleased to have these excellent hemostasis products in the hands of a company like Mallinckrodt who has considerable experience and commercial strength.”
About The Medicines Company
The Medicines Company's purpose is to save lives, alleviate suffering and contribute to the economics of healthcare by focusing on 3000 leading acute/intensive care hospitals worldwide. Its vision is to be a leading provider of solutions in three areas: serious infectious disease care, acute cardiovascular care and surgery and perioperative care. The company operates in the Americas, Europe and the Middle East, and Asia Pacific regions with global centers today in Parsippany, NJ, USA and Zurich, Switzerland.
Statements contained in this press release about The Medicines Company, the purchase agreement and the transaction that are not purely historical, and all other statements that are not purely historical, may be deemed to be forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words “believes,” “anticipates” and “expects” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Important factors that may cause or contribute to such differences include the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction; the ability of the Company to successfully separate its Hemostasis Business from the Company’s other businesses; the commercial success of the products and the achievability of future milestone payments; and such other factors as are set forth in the risk factors detailed from time to time in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors detailed in the Company’s Quarterly Report on Form 10-Q filed on November 9, 2015, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements.
The Medicines Company
Bob Laverty, +1 973-290-6162
Mobile +1 609-558-5570
Vice President, Communications
Krishna Gorti, MD, +1 973-290-6122
Vice President, Investor Relations