Mallinckrodt Said to Work With Bank to Seek Nuclear Unit Bidders

  • Pharmaceutical company working with adviser on sale options
  • Private equity firms understood to be among interested parties

Drugmaker Mallinckrodt Plc is working with advisers to seek potential buyers for its nuclear imaging division, according to people familiar with the matter.

The business could fetch about $800 million to $1 billion and is attracting interest from private equity firms, the people said, asking not to be identified as the situation isn’t public.

A spokesman for Mallinckrodt declined to comment.

Mallinckrodt Nuclear Imaging, which makes radio-pharmaceuticals used to detect cancers in patients, made $424 million in net sales during fiscal 2015, or about 11 percent of Mallinckrodt’s $3.7 billion in sales overall, according to the company’s website.

Mallinckrodt, which was founded in St. Louis, Missouri, in 1867, was spun out of health care group Covidien in 2013. The latter, which was bought by Medtronic Plc in 2014, moved its tax address to Ireland in 2007.

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