| Mallinckrodt Pharmaceuticals and Questcor Pharmaceuticals Announce Early Termination of HSR Act Waiting Period | DUBLIN, Ireland & ANAHEIM, Calif.--(BUSINESS WIRE)--May 12, 2014--
Mallinckrodt plc (NYSE: MNK), and Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR), today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), in connection with Mallinckrodt's proposed acquisition of Questcor, was terminated by the United States Federal Trade Commission on May 9, 2014.
As previously announced on April 7, 2014, Mallinckrodt and Questcor entered into a definitive merger agreement pursuant to which Mallinckrodt would acquire Questcor in a cash and stock transaction. The early termination of the HSR waiting period satisfies one of the conditions to the proposed acquisition. The proposed acquisition remains subject to other customary closing conditions, including approval by the shareholders of Questcor and Mallinckrodt. Subject to the satisfaction of these other closing conditions, the transaction is currently expected to be completed in the third calendar quarter of 2014.
About Mallinckrodt plc
Mallinckrodt is a global specialty pharmaceutical and medical imaging business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents. 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 Pharmaceuticals segment includes branded and specialty generic drugs and active pharmaceutical ingredients, and the Global Medical Imaging segment includes contrast media and nuclear imaging agents. Mallinckrodt has approximately 5,500 employees worldwide and a commercial presence in roughly 65 countries. The company's fiscal 2013 revenue totaled $2.2 billion. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
About Questcor Pharmaceuticals, Inc.
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. Questcor also provides specialty contract manufacturing services to the global pharmaceutical industry through its wholly-owned subsidiary, BioVectra Inc. For more information about Questcor, please visit www.questcor.com.
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