Deals
Mallinckrodt to Buy Pain-Drug Maker Cadence for $1.3 Billion
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Mallinckrodt Plc, the drugmaker spun off by Covidien Plc last year, agreed to buy Cadence Pharmaceuticals Inc. for about $1.3 billion in cash to add a pain treatment used in hospitals.
Mallinckrodt will begin a tender offer for Cadence shares at $14 each, the companies said today in a statement. The price is 26 percent above San Diego-based Cadence’s closing price yesterday in New York.