News Column

BRIEF: Shareholders approve Questcor takeover

August 15, 2014

By Bernard J. Wolfson, The Orange County Register



Aug. 15--Shareholders of Questcor Pharmaceuticals and Mallinckrodt PLC on Thursday approved a merger of the two companies, clearing the deal's final hurdle.

Dublin, Ireland-based Mallinckrodt, the acquiring company, will pay $30 in cash and 0.897 of a Mallinckrodt share for each outstanding share of Anaheim-based Questcor. That puts the value of the deal at $5.7 billion as of Thursday's market close.

Questcor remains under investigation by multiple federal agencies for its marketing practices, stock trading and the purity of its $32,000-a-vial drug, Acthar. Mallinckrodt, however, was not deterred. It said it had conducted thorough due diligence and was convinced Questcor was an attractive asset. The combined company will be based in Ireland, where the corporate tax rate is less than a third of the U.S. rate.

Contact the writer: 714-796-2440 or bwolfson@ocregister.com

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(c)2014 The Orange County Register (Santa Ana, Calif.)

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Source: Orange County Register (CA)


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