Guerbet completes acquisition of Mallinckrodt's Contrast Media and Delivery Systems business (CMDS)
November 27 2015 - 2:01PM
- Creation of a world leader in medical imaging
- Approval by anti-trust authorities
- Approval by the Board of Directors on the conditions of the
acquisition of the CMDS business
VILLEPINTE, France, Nov. 27, 2015 (GLOBE
NEWSWIRE) -- Guerbet (FR0000032526 GBT), announces that it has
completed its acquisition of the "contrast media and delivery
systems" (CMDS) business of Mallinckrodt. The new entity brings
together 2,500 employees, with a pro forma turnover of about
€800M(1) .
On 18 November 2015, Guerbet's Board of
Directors approved the acquisition of the CMDS activity of
Mallinckrodt.
Yves L'Epine Guerbet's CEO commented:
"With this transaction, which is essential to our strategy of
expansion, we see birth of a leader in medical imaging. Guerbet
will be strengthened both in terms of its geographical positions
and its portfolio with flagship products in each of its segments.
We are happy to be able to count on the highly motivated CMDS teams
who are keen to join forces and create, with the teams already in
place, the market's first "pure player".
"Our established CMDS business is an excellent
strategic and complementary fit for Guerbet, and we believe CMDS
customers will benefit from access to a broad, high-quality
offering to meet the needs of patients worldwide," commented
Mark Trudeau, Mallinckrodt's President and CEO.
The transaction has all necessary regulatory
approvals and the customary closing conditions have been met.
Guerbet is acquiring 100% of the
Mallinckrodt CMDS business for $270M total, paid in cash and
financed by a loan syndicated by BNP Paribas.
Acquisition creates a global leader
specializing in contrast media and imaging solutions and services
(ISS)
The acquisition relates to companies with their
production sites, intellectual property rights and distribution
subsidiaries in the various geographical areas.
With this acquisition, Guerbet will reach
a critical size in each segment and geography, with the ambition to
join the world top three imaging companies.
The complementarity strengths of Guerbet
and CMDS promise to bring rapid benefits:
- In contrast agents, CMDS is in a strong position with Optiray®
and Optiject® (Europe) / Ultraject® (USA) in X-Rays, whereas
Guerbet has a strong position in MRI with Dotarem®;
- In Imaging Solutions and Services, this acquisition will bring
technological synergies, with CMDS mastering syringe-based delivery
systems and Guerbet the innovative hydraulic injection
technique for soft bags;
- From a geographical perspective, a similar synergy exists with
a strong position of CMDS in the United States and Guerbet
in Europe. The acquisition will allow Guerbet to ramp up the
commercial success of Dotarem in the United States and consider a
much faster global launch for the Group's new products. In
addition, Guerbet will strengthen its presence on markets
with high growth potential, particularly in China, Russia, and
Turkey.
In the medium-term, the group will achieve
significant economies of scale, particularly by using the existing
infrastructure and commercial networks to sell new products:
- By pooling R&D and marketing resources;
- By optimizing the purchasing, logistics and general spending
policies of the two entities.
(1) 2014 pro forma sales on the basis of an exchange rate of 1
EUR = 1.1 USD
Upcoming event:
Publication of 2015 revenue: 10 February 2016
after trading
About Guerbet
Guerbet is a pioneer in the contrast agent
field, with almost 90 years' experience, and is the only
pharmaceutical group dedicated to medical imaging worldwide. It
offers a comprehensive range of X-Ray, Magnetic Resonance Imaging
(MRI) and Interventional Radiology and Theranostics (IRT) products,
along with a range of injectors and related medical devices to
improve the diagnosis and treatment of patients. To discover new
products and ensure future growth, Guerbet invests heavily in
R&D, spending around 9% of its sales each year. Guerbet (GBT)
is listed on NYSE Euronext Paris (Segment B - Mid Caps) and
generated revenue of €409M in 2014. It had a total workforce of
1,461 employees at 31 December 2014.
For more information about Guerbet,
please go to www.guerbet.com
About Mallinckrodt
Mallinckrodt is a global specialty
biopharmaceutical and imaging business that develops, manufactures,
markets and distributes specialty pharmaceutical products and
imaging agents. Areas of focus include therapeutic drugs for
autoimmune and rare disease specialty areas like neurology,
rheumatology, nephrology and pulmonology; immunotherapy and
neonatal respiratory critical care therapies; and analgesics and
central nervous system drugs. The company's core strengths include
the acquisition and management of highly regulated raw materials;
deep regulatory expertise; and specialized chemistry, formulation
and manufacturing capabilities. The company's Specialty Brands
segment includes branded medicines; its Specialty Generics segment
includes specialty generic drugs, active pharmaceutical ingredients
and external manufacturing; and the Nuclear Imaging segment
includes nuclear imaging agents. To learn more about Mallinckrodt,
visit www.mallinckrodt.com.
Forward-looking statements
This press release may contain statements of a
forward-looking nature, based on assumptions and predictions made
by the management of the Guerbet group. Various known and unknown
risks, uncertainties and other factors could lead to marked
differences between the future results, financial situation,
development and performances of the company, and the estimates made
here. These factors include those mentioned in the public reports
of Guerbet, available on its website www.guerbet.com. The company
assumes no responsibility whatsoever in relation to the updating of
these forward-looking statements, or how they correspond to future
events or developments.
Contacts |
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Guerbet |
Actifin |
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Jean-François Le
Martret |
Christophe de Lylle/Benjamin
Lehari |
Chief Financial Officer |
01 56 88 11 11 |
01 45 91 50 00 |
cdelylle@actifin.fr /
blehari@actifin.fr |
jean-francois.lemartret@guerbet-group.com |
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Press |
Anne-Laure Delasalle |
Jennifer Jullia |
Communications Director |
01 56 88 11 19 |
01 45 91 50 03 |
jjullia@actifin.fr |
anne-laure.delasalle@guerbet-group.com |
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US Media Contact |
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Ted Deutsch |
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+1 (609) 578-8765 |
|
ted@taftandpartners.com |
Press release
http://hugin.info/159769/R/1969887/720068.pdf
HUG#1969887
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