The latest news on mergers and acquisitions featuring CVC/Mallinckrodt and Pharmacosmos/G1 Therapeutics. Highlights below. 

* CVC To Acquire Mallinckrodt’s Therakos Business for $925 M
* Pharmacosmos To Acquire G1 Therapeutics for $405 M

---

CVC To Acquire Mallinckrodt’s Therakos Business for $925 M 
CVC Capital Partners has agreed to acquire the Therakos business of Mallinckrodt, a Dublin, Ireland-based specialty pharma and generics company, for $925 million. 

Therakos is a extracorporeal photopheresis delivery system for autologous immunomodulatory therapies for immune-related diseases and is approved in the US, Canada, Europe, Japan, Australia, and Latin America. CVC Capital has a global portfolio of life-sciences businesses spanning pharma, medical technology, and healthcare services. The firm intends to make additional investments in the continued research, development, indication expansion, and geographic expansion of Therakos. 

Mallinckrodt intends to use net proceeds from the transaction to reduce its net debt by more than 50%.The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions. 

Source: Mallinckrodt 

---

Pharmacosmos To Acquire G1 Therapeutics for $405 M 
Pharmacosmos, a Holbaek, Denmark-based bio/pharmaceutical company, has agreed to acquire G1 Therapeutics, a Research Triangle Park, North Carolina-based bio/pharmaceutical company, for $405 million. 

G1’s lead product, Cosela (trilaciclib), is approved by the US Food and Drug Administration to decrease the incidence of chemotherapy-induced myelosuppression in adult patients when administered prior to a platinum/etoposide-containing regimen or topotecan-containing regimen for extensive-stage small cell lung cancer. 

Under the agreement, Pharmacosmos has agreed to commence a cash tender offer to acquire all issued and outstanding shares of G1 common stock for $7.15 per share in cash, for a total value of $405 million. The transaction will be fully financed by Pharmacosmos’ existing cash on hand and existing corporate credit facilities. The closing of the tender offer will be subject to customary conditions, including the tender of shares which represent at least a majority of the total number of G1’s outstanding shares of common stock and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Upon successful completion of the tender offer, Pharmacosmos would acquire all shares not acquired in the tender offer through a second-step merger.  

The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close late in the third quarter of 2024. 

Source: G1 Therapeutics