Mallinckrodt announced Wednesday that it has entered into an agreement to sell its nuclear imaging business to IBA Molecular for $690 million.
The Hazelwood-based drug manufacturer said it is moving away from nuclear imaging to continue its focus on high-growth specialty pharmaceuticals.
The deal affects 800 employees and two manufacturing facilities, including one in Maryland Heights. When the deal is complete, those employees and facilities will be transferred to IBA Molecular.
The deal is contingent on approval by the U.S. Nuclear Regulatory Commission and the Committee on Foreign Investment in the United States.
Read more: St. Louis Post-Dispatch