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Mallinckrodt to acquire specialty pharmaceutical company for up to $425M

Mallinckrodt Public Ltd Company agreed to acquire Trevose, Pa.-based InfaCare Pharmaceutical Corp., a privately held specialty pharmaceutical company developing drugs for neonatal and pediatric conditions.

Mallinckrodt will pay InfaCare $80 million in upfront and up to a further $345 million tied to the achievement of certain milestones.

The transaction is expected to close this half and includes InfaCare's stannsoporfin, an investigational treatment being developed for newborns at the risk of developing severe jaundice.

The deal will impact Mallinckrodt's adjusted EPS by 15 cents to 20 cents this year.