M&A Deal Summary

Mallinckrodt Acquires Ikaria

On April 16, 2015, Mallinckrodt acquired life science company Ikaria from Madison Dearborn Partners, Fifth Street Capital, New Mountain Capital and Athyrium Capital Management for 2.3B USD

Acquisition Highlights
  • This is Mallinckrodt’s 3rd transaction in the Life Science sector.
  • This is Mallinckrodt’s 2nd largest (disclosed) transaction.
  • This is Mallinckrodt’s 5th transaction in the United States.
  • This is Mallinckrodt’s 1st transaction in New Jersey.

M&A Deal Summary

Date 2015-04-16
Target Ikaria
Sector Life Science
Buyer(s) Mallinckrodt
Sellers(s) Madison Dearborn Partners
Fifth Street Capital
New Mountain Capital
Athyrium Capital Management
Deal Type Add-on Acquisition
Deal Value 2.3B USD
Advisor(s) Kirkland & Ellis LLP (Legal)

Target

Ikaria

Clinton, New Jersey, United States
website
Ikaria is a critical care therapeutics company. Ikaria is based in Clinton, New Jersey.

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Buyer(S) 1

Buyer

Mallinckrodt

Dublin, United Kingdom

website


Category Company
Founded 1867
Sector Life Science
Employees2,778
Revenue 2.2B USD (2021)
DESCRIPTION

Mallinckrodt is a specialty pharmaceutical and medical imaging business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents. The company’s core strengths include the acquisition and management of highly regulated raw materials; deep regulatory expertise; and specialized chemistry, formulation and manufacturing capabilities. Mallinckrodt was founded in 1867 and is based in Dublin, Ireland.


DEAL STATS #
Overall 5 of 12
Sector (Life Science) 3 of 9
Type (Add-on Acquisition) 5 of 10
State (New Jersey) 1 of 1
Country (United States) 5 of 11
Year (2015) 1 of 3
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-14 Questcor Pharmaceuticals

Anaheim, California, United States

Questcor Pharmaceuticals, Inc. is a biopharmaceutical company that provides drugs for the treatment of autoimmune and inflammatory disorders.

Buy $5.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-10 Therakos

West Chester, Pennsylvania, United States

Therakos, Inc. develops and markets a extracorporeal photopheresis system (ECP), or immune modulation therapy.

Buy $1.3B

Seller(S) 4

SELLER

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.


DEAL STATS #
Overall 51 of 68
Sector (Life Science) 1 of 2
Type (Add-on Acquisition) 20 of 29
State (New Jersey) 1 of 1
Country (United States) 47 of 60
Year (2015) 1 of 4
Size (of disclosed) 7 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-20 Option Care

Buffalo Grove, Illinois, United States

Option Care Enterprises, Inc. is a provider of home and alternate treatment site infusion services. Holding accreditations from industry quality organizations ACHC, PCAB, ASHP and URAC,* the company draws on nearly 40 years of clinical care experience to offer patient-centered therapy management. Option Care’s signature Home Infusion Plus services include the clinical management of infusion medicines, nursing support and care coordination. Option Care’s multidisciplinary team of more than 1,800 clinicians – including pharmacists, nurses and dietitians – are able to provide home infusion service coverage for nearly all patients across the United States needing treatment for complex and chronic conditions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-27 Liquid Web

Lansing, Michigan, United States

Liquid Web provides complex web hosting and managed cloud services to more than 30,000 customers worldwide across five high-performance data centers in the U.S. and in Amsterdam. The company is known for its premier Heroic Support platform, which delivers highly technical customer support across its server and hosting products.

Buy -
SELLER
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


DEAL STATS #
Overall 27 of 59
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 15 of 27
State (New Jersey) 1 of 2
Country (United States) 26 of 58
Year (2015) 4 of 9
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Digi-Star

Fort Atkinson, Wisconsin, United States

Digi-Star LLC is a manufacturer of weighing systems designed for agricultural equipment.

Sell $133M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-04 Welocalize

New York, New York, United States

Welocalize is a provider of globalization consulting, internationalization, localization and testing solutions, enabling clients to communicate on and off-line in more than 32 languages. Welocalize was founded in 1997 and is based in New York.

Sell -
SELLER

New Mountain Capital

New York, New York, United States

website


Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 14 of 41
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 8 of 20
State (New Jersey) 1 of 2
Country (United States) 12 of 38
Year (2015) 1 of 3
Size (of disclosed) 4 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-08 Zep

Atlanta, Georgia, United States

Zep is a manufacturer and marketer of a wide range of high-efficacy maintenance and cleaning solutions for commercial, industrial, institutional, and consumer end-markets under well-known and respected brand names. The breadth of the Zep product portfolio provides customized, superior cleaning and maintenance solutions to a broad customer base including manufacturers, food processors and preparers, restaurants, hospitals, schools, municipalities, government organizations, hotels and car washes.

Buy $692M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-27 SNL Financial

Charlottesville, Virginia, United States

SNL Financial is a provider of financial data and analytics services. The Company was formed in 1987 and is based in Charlottesville, Virginia.

Sell $2.3B
SELLER

Athyrium Capital Management

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2008
PE ASSETS 3.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.


DEAL STATS #
Overall 2 of 7
Sector (Life Science) 2 of 4
Type (Add-on Acquisition) 2 of 2
State (New Jersey) 1 of 2
Country (United States) 2 of 6
Year (2015) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-01 Indivior

North Chesterfield, Virginia, United States

Indivior is a global specialty pharmaceutical company with a 20-year legacy of leadership in patient advocacy, health policy and evidence-based best practice models that have revolutionized modern addiction treatment. The name is the fusion of the words individual and endeavor, and the tagline “Focus on you” makes the company’s commitment clear. Indivior is dedicated to transforming addiction from a global human crisis to a recognized and treated chronic disease. Building on its robust, global opioid dependence portfolio featuring SUBOXONE® (buprenorphine and naloxone) Sublingual Film (CIII), SUBOXONE® (buprenorphine and naloxone) Sublingual Tablet, and SUBUTEX® (buprenorphine) Sublingual Tablet, Indivior has a strong pipeline of product candidates designed to both expand on its heritage in this category and address other chronic diseases of addiction – including opiate overdose, alcohol use disorders and cocaine intoxication. It also is pursuing novel product candidates in related mental health disorders such as schizophrenia. Indivior is based in North Chesterfield, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 TEAM Services Group

San Diego, California, United States

TEAM Services Group provides household employment and home care solutions through its family of companies across the United States. TEAM believes in the value of self-direction – allowing individuals and families to work with who they want in their homes – and therefore aim to facilitate choice and independence, delivered with the highest standards of quality and security. TEAM Services Group is based in San Diego, California.

Buy -