Mallinckrodt has signed an agreement to purchase all outstanding shares of Sucampo Pharmaceuticals for around $1.2bn.

Under the agreement, Mallinckrodt will acquire Sucampo’s commercial and development assets, including the US Food and Drug Administration (FDA) approved AMITIZA (lubiprostone), which is a chloride channel activator developed for the treatment of constipation.

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In addition, Mallinckrodt will buy the global rights to RESCULA (unoprostone isopropyl ophthalmic solution) 0.15% indicated for ocular hypertension and open-angle glaucoma in Japan.

Sucampo’s development assets include CPP-1X/sulindac and VTS-270, which is in Phase III development for Niemann-Pick type C (NPC).

“Mallinckrodt will acquire Sucampo’s commercial and development assets, including the US Food and Drug Administration (FDA) approved AMITIZA (lubiprostone).”

Being developed under a collaborative agreement with Cancer Prevention Pharmaceuticals (CPP), CPP-1X/sulindac is currently under Phase III development to treat familial adenomatous polyposis (FAP).

Mallinckrodt CEO and president Mark Trudeau said: “The acquisition brings near-term net sales and earnings accretion through AMITIZA and supports our pipeline in rare diseases with VTS-270 and CPP-1X/sulindac.”

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The company intends to leverage Sucampo’s existing commercial footprint for VTS-270 and CPP-1X/sulindac, and will utilise its own clinical and medical affairs infrastructure to support the approval and launch of these products.

Sucampo chairman and CEO Peter Greenleaf said: “With the addition of its significant resources and expertise, we believe Mallinckrodt is a natural partner to accelerate the development of our rare disease assets in NPC and FAP, and to continue to provide AMITIZA for patients suffering from constipation-related disorders.”

Subject to customary closing conditions, the transaction is expected to close in Q1 2018.