Mallinckrodt plc, a leading global specialty pharmaceuticals company, and Cadence Pharmaceuticals, Inc. have announced a definitive agreement under which a subsidiary of Mallinckrodt plc will commence a tender offer to acquire all outstanding shares of Cadence Pharmaceuticals, Inc. The announced transaction price was $14.00 per share in cash or approximately $1.3 billion on a fully diluted basis. The deal is subject to customary terms and conditions and the parties expect the transaction to close in mid- to late-March.
Latham & Watkins advised Cadence on the transaction with a corporate deal team led by Orange County partner Charles Ruck and San Diego partner Cheston Larson. Advice was also provided on finance matters by New York partner Wesley Holmes; on benefits and compensation matters by San Diego counsel Holly Bauer; on antitrust matters by Brussels/Washington, D.C. partner Michael Egge and Washington, D.C. partner Amanda Reeves; on intellectual property matters by San Diego partners Steven Chinowsky and Stephen Swinton, Chicago partner Kenneth Schuler and San Diego counsel Darryl Steensma; on FDA/regulatory matters by Washington, D.C. partner Ben Haas; on tax matters by Los Angeles partner Laurence Stein and on compliance matters by Orange County partner Michele Johnson.
