Questcor Pharmaceuticals, a California pharmaceutical company that has been criticized for aggressive sales of its specialty drug H.P. Acthar, has received federal antitrust clearance to be acquired by Ireland-based Mallinckrodt Pharmaceuticals in a $5.6 billion deal.
The Federal Trade Commission on Monday announced termination of routine antitrust review of the deal, which has been approved by boards of directors at both companies. Under the deal, Mallinckrodt will buy each Questcor share for $30 in cash plus 0.897 shares of its own stock. That price was a 27% premium over Questcor shares when the deal was announced April 7.
Questcor has been criticized for the aggressive pricing of its top product, the immune system drug Acthar, which has seen booming sales despite large price increases over the past decade.