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Matheson advises Questcor on $5.6 billion merger with Mallinckrodt
Mallinckrodt plc and Questcor Pharmaceuticals Inc have entered into a merger agreement under which Mallinckrodt will acquire Questcor for approximately $5.6 billion. The transaction is expected to complete in Q3 2014. Patrick Spicer, head of Matheson’s Corporate group, said, “We are delighted to have advised Questcor on this transaction. This deal further enhances Ireland’s reputation as a location for some of the most significant global M&A transactions.”
Matheson was Questcor’s Irish legal advisor for the transaction. The Matheson team included corporate partners Paddy Spicer and George Brady, and tax partner Shane Hogan. This continues Matheson’s track record of advising on high profile international M&A transactions. Matheson recently advised the US pharmaceutical firm Actavis plc on its $8.5 billion acquisition of Dublin-based Warner Chilcott plc and it advised Royalty Pharma on its $6.5 billion bid for Elan Corporation plc, the Irish biotechnology company. Matheson also advised Eaton Corporation plc on its $11.8 billion acquisition of Cooper Industries plc.
Following completion of the merger, Mallinckrodt shareholders will own approximately 50.5% and former Questcor shareholders will own approximately 49.5% of the combined company's stock. The transaction will create an increasingly diversified, high-growth specialty pharmaceuticals company with significantly increased scale, revenues, profitability and cash flow.