Sucampo Pharmaceuticals Inc. (NASDAQ:SCMP) saw its shares jump in post-holiday trading after the biopharmaceutical company agreed to a US$2.1bn takeover by Mallinckrodt Pharmaceuticals Limited (NYSE:MKN).
Under the terms of the deal, Mallinckrodt will pay US$18 for each Sucampo share, which is 5.9% above Friday's closing price, and would give Sucampo a total market value of about US$839.5mln.
Mallinckrodt expects to fund the deal, which is forecast to close in the first quarter of 2018, with debt and cash on hand.
It said the deal will add at least 30 US cents a share to Mallinckrodt’s adjusted earnings in 2018.
In afternoon trading, Sucampo shares were 6.2% higher at US$18.05, while Mallinckrodt shares were up 1% at US$23.55.
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