Irish-based Mallinckrodt will acquire US pharmaceutical company Endo in a cash and stock deal valued at $6.7 billion.
The companies announced Thursday that Endo shareholders will receive a total of $80 million in cash and own nearly 50% of the combined company. Mallinckrodt shareholders will hold a stake of just over 50%.
The companies plan to combine their generic drug businesses and Endo’s sterile injectables business, but will eventually separate this business.
Mallinckrodt CEO Siggi Olafsson will lead the merger, which will be headquartered in Dublin. However, its leaders say it will have a significant operational presence in the United States.
In total, the combination will have 17 manufacturing sites, 30 distribution centers and approximately 5,700 employees.
The deal was announced a day after Irish Prime Minister Micheál Martin met with President Donald Trump at the White House. During that meeting, Trump raised the issue of the concentration of U.S. pharmaceutical companies in Ireland because of the country’s tax policy.
The deal has been approved by the boards of both companies, but shareholders and regulators must approve it. The combination is expected to close in the second half of the year.
Endo Inc., based in Malvern, Pennsylvania, will become a wholly owned subsidiary of Mallinckrodt.
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