Covidien Public Limited Company. (COV: Quote), Ireland-based healthcare products supplier, on Monday said its pharmaceutical subsidiary, Mallinckrodt, entered into a definitive agreement to acquire all the outstanding capital stock of CNS Therapeutics, Inc, a private pharma company focusing on products involved in the treatment of neurological disorders and intractable chronic pain, for $100 million. The company noted the acquisition shall not be accretive in terms of sales or earnings for the fiscal 2013.
CNS Therapeutics, which holds one marketed product, has a pipeline of pain and spasticity products in development. The deal is believed to close in the fourth quarter of this year, said Covidien in a statement.
The stock is currently trading at $59.17, down $0.60 or 1.00 percent on the NYSE.
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by RTT Staff Writer
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