Mallinckrodt Public Ltd. Co. closed the acquisition of Ocera Therapeutics Inc.

The company paid $1.52 per share in cash for Ocera, valuing the deal at $42 million. Ocera shareholders also received a contingent value right to receive one or more payments in cash of up to $2.58 per share.

Ocera was merged with a subsidiary of Mallinckrodt and is expected to contribute 25 cents to 35 cents toward the parent's adjusted EPS starting in 2018.

Following the acquisition, Ocera shares ceased trading on Nasdaq.

Ocera Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics for orphan and other serious liver diseases with high unmet medical need. Its developmental product OCR-002, an ammonia scavenger, is being studied for treating hepatic encephalopathy, a neuropsychiatric syndrome associated with hyperammonemia, a complication of acute or chronic liver disease.