September 10, 2019 / 11:02 AM / 9 days ago

Mallinckrodt to sell unit BioVectra for up to $250 mln

Sept 10 (Reuters) - Drugmaker Mallinckrodt Plc said on Tuesday it would sell its unit BioVectra Inc to private equity firm H.I.G. Capital for up to $250 million.

The news comes as opioid makers in the United States, including Mallinckrodt, face pressure from a crackdown on the addictive drug in the wake of a crisis and as state attorneys general file lawsuits against manufacturers.

Investors have worried about the company’s large debt pile and potential payouts to resolve opioid litigation, but Mallinckrodt has downplayed concerns that it may choose to seek bankruptcy protection.

Reporting by Manojna Maddipatla in Bengaluru; Editing by Shinjini Ganguli

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