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Mallinckrodt PLC (NYSE: MNK) is looking to acquire The Medicines Company (NASDAQ: MDCO), a source familiar with the matter told Benzinga.
Mallinckrodt is a global specialty pharmaceuticals company with a market cap just north of $7 billion. Medicines Company is in the biopharmaceutical realm with a market cap of about $2.25 billion.
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Morgan Stanley is the leading underwriter behind the deal, according to the source.
A spokesperson for Mallinckrodt told Benzinga the company does not comment on market rumors or speculation.
'Favorable Expectations'
Earlier this month, Jefferies said in a note that they favor Medicines Company as a likely takeover target in the mid-cap space, due to expectations for favorable ALN-PCSsc and carbavance data in the second half of the year.
After a volatile 2015, the Jefferies analysts would be selective into the new year as sector headwinds (like "election-year drug pricing rhetoric" and maturing and increasingly crowded markets) persist. They noted that "solid underlying fundamentals and potential for stabilization" lead them to believe substantial long-term value could still be unlocked in some companies.
Shareholder Value
On November 4, Chardan initiated Medicines Company at Buy with a $50 price target citing "investors are increasingly calling for a breakup or sale of MDCO to unlock shareholder value, and management is increasingly focused on restructuring to unlock value."
Chardan reiterated management's claims to restructure over 6-8 months and would not rule out a sale of the company." Although Medicines Company did not rule out a sale of the company, management appears more "committed to narrowing the company's operational focus rather than selling the company, and will do so by divesting or partnering non-core products and businesses to reduce cash burn," according to Chardan.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.