IBA Molecular and Mallinckrodt are launching a new radiopharmaceutical company after IBA Molecular acquired Mallinckrodt’s nuclear imaging division in a $690 million sale announced in August 2016.
Called Curium, the new company boasts assets across the globe including three single-photon emission computed tomography (SPECT) production facilities, almost 40 PET and SPECT radiopharmacies and one Molybdenum production facility—an important asset after the October closure of the only molybdenum-producing reactor in North America.
"Our new company has over 100 years of combined experience in the nuclear industry, Curium has a singular focus—to develop, manufacture and supply SPECT, PET and therapeutic radiopharmaceuticals to our customers around the globe,” said Curium CEO Renaud Dehareng. “We have the largest, vertically integrated radiopharmaceutical manufacturing network in the industry. We will use our scale, global reach, manufacturing footprint and an unrivaled logistics and distribution network to deliver superior service that our customers can rely upon every day."
Curium will take over a 350-employee Mallinckrodt nuclear medicine manufacturing facility outside of St. Louis and a 550-employee pharmaceutical manufacturing plant in Petten, Netherlands.
"We are excited to launch this dynamic new brand in the marketplace,” said Kate Briant, Partner and Chairman of the Board at Curium’s owner CapVest. “We believe the expertise, size and scale, and proven track record of the united companies will provide future growth opportunities in this attractive segment."
The deal received approval from the U.S. Nuclear Regulatory Commission and the Committee on Foreign Investment in the United States, allowing it to be completed well within the first-half 2017 time frame put forth when the deal was announced last August. According to a company release, the deal’s $690 million figure consists of $574 million of up-front considerations, the assumption of $39 million of long-term obligations and $77 million of contingent considerations.