Mallinckrodt, the pharmaceuticals business of Covidien, has announced it will acquire CNS Therapeutics, according to a news release.
CNS Therapeutics, based in St. Paul, Minn., develops and commercializes products for site-specific administration to the central nervous system to treat neurological disorders and intractable chronic pain. It has one marketed product and several pain and spasticity products in development.
Mallinckrodt will acquire all of the outstanding capital stock of CNS Therapeutics for approximately $100 million.
"This acquisition supports our strategy of leveraging our therapeutic expertise and our core capabilities in manufacturing, regulatory and commercialization to serve patients," said Mark Trudeau, president, pharmaceuticals, for Covidien, in the release. "CNS Therapeutics' marketed product line complements our branded portfolio. Their central nervous system and pain management products in development complement our pipeline and address an important need for patients."
The transaction is expected to be completed during the fourth calendar quarter of 2012.
Covidien has its U.S. headquarters in Mansfield, Mass.
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