Mallinckrodt, a global company with its U.S. headquarters in St. Louis, has completed its acquisition of Cadence Pharmaceuticals, a $1.4 billion deal that will add an intravenous pain killer to its portfolio and expand its hospital presence, CEO Mark Trudeau said. Mallinckrodt announced in February that it reached an agreement to acquire San Diego, Calif.,-based Cadence for $14 a share.
Company officials said they expect the deal to be immediately accretive to its adjusted net income. The acquisition is the company’s first major transaction since its spinoff from Covidien about eight months ago. Earlier this month, the FDA approved a key drug for Mallinckrodt that’s expected to generate hundreds of millions of dollars in revenue annually.