Mallinckrodt to acquire Questcor Pharma for around $5.6 billion

In a second M&A deal so far this year, Ireland-headquartered Mallinckrodt (NYSE: MNK) says it has entered a definitive agreement to acquire USA-based Questcor Pharmaceuticals (Nasdaq: QCOR) in a transaction valued at around $5.6 billion.

Questcor shares, which have gained 115.46% over the last 12 months, climbed 30.71% to $88.71 in premarket trading. Shares of Dublin-based Mallinckrodt were also rising, gaining 7.49% to $67.20, according to a report by James Rogers on The Street.

Just last month, Mallinckrodt completed its previously-announced $1.3 billion acquisition of Cadence Pharmaceuticals, aimed at increasing its presence in the hospital setting (The Pharma Letter February 12).

The transaction was unanimously approved by the boards of directors of both companies and, subject to customary closing conditions, is currently expected to be completed in the third calendar quarter of 2014. The combined company will be headed by Mallinckrodt president and chief executive Mark Trudeau.