Mallinckrodt Sells Nuclear Imaging Business For $690 Million

Mallinckrodt PLC said Wednesday that it will sell its nuclear imaging business for $690 million to IBA Molecular, which makes radiopharmaceutical products. The deal, which is subject to approval from the U.S. Nuclear Regulatory Commission, is expected to close in the first half of 2017. Mallinckrodt said its nuclear imaging business employed more than 800 employees and two facilities, which will be transferred to IBA once the deal is closed. The company said it sold the business to focus on enlarging its presence in the high-growth specialty pharmaceuticals market. The stock, which was still inactive in premarket trade, has climbed 11% year to date, while the S&P 500 has gained 7%.