Tuesday, February 11, 2014
Cadence Pharmaceuticals Acquired For $1.3 Billion
San Diego-based Cadence Pharmaceuticals, a biopharmaceuticals firm developing an intravenous formulation of acetominophen for treating pain, has been acquired by Irish biopharmaceuticals firm Mallinckrodt, in a deal worth $1.3 billion. Mallinckrodt said it will pay $14.00 per share in cash for Cadence Pharmaceuticals. Cadence is expecting revenues of $110.5M for calendar year 2013. The companies said that, as part of the deal, funds affiliate with San Diego's Domain Associates, as well as Cam L. Garner, James C. Blair, William R. LaRue and others, will also tender their majority 13% of Cadence Pharmaceuticals in the offer.