Mallinckrodt Plc (MNK) agreed to buy Questcor Pharmaceuticals Inc. (QCOR) for $5.6 billion to add specialty drugs in the latest industry deal that moves a U.S. company to Ireland for a lower tax rate.
Mallinckrodt, with its registered headquarters in Dublin and run from Hazelwood, Missouri, will pay will $86.08 a share for Anaheim, California-based Questcor, the companies said in a statement today. That’s 27 percent above the April 4 closing price for Questcor.
“The combined company’s earnings profile will be enhanced from sustainable cost and tax synergies beginning in fiscal year 2014,” Mallinckrodt said in the statement. “The tax synergies derive from Mallinckrodt’s Irish domicile and the future capital structure of the combined company.”
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