Mallinckrodt Pharmaceuticals successfully completes USD925 million carve-out sale of Therakos Business with support from A&O Shearman

Therakos is a fully integrated extracorporeal photopheresis (ECP) delivery system for autologous immunomodulatory therapy which treats a range of immune-related diseases and has approvals for use in the U.S. Canada, Europe, Japan, Australia and Latin America. CVC plans to invest in the continued research, development, indication expansion and geographic expansion of Therakos.

This complex international carve-out was achieved by implementing share sales and business/asset sales simultaneously across various jurisdictions. This involved the transfer of contracts, equipment, inventory, working capital balances, employees and premises and the transfer/transitioning of regulatory licenses.

The A&O Shearman team was led out of London by corporate partner Gillian Holgate, senior associate Khin Hsu Myat and associates Noel Low and Hadley-Rose Roberts. A&O Shearman’s Life Sciences teams led by partner Jim Ford, counsel Eda Zhuleku, associates Millie Fantham and Florian Preinfalk also played a crucial role throughout. In addition, vital support was provided by A&O Shearman antitrust, employment, tax, pensions, data privacy and real estate specialists.

The A&O Shearman team worked across offices in 11 jurisdictions and coordinated with A&O Shearman relationship firms in a further seven countries. 

A&O Shearman partner Gillian Holgate commented: "We are delighted to have advised Mallinckrodt on this strategic transaction, which demonstrates our ability to deliver high-quality advice and support on multi-jurisdictional carve-out sales and complex transactions in the Life Sciences sector. This deal showcases our global reach and local depth, as well as our expertise in medical devices and pharmaceuticals, regulatory, employment, pensions, tax, data privacy and antitrust matters. We thank Mallinckrodt for their trust and confidence in us and look forward to continuing our relationship with them."