H.i.g. capital, llc completed the acquisition of biovectra inc. from mallinckrodt plc (nyse:mnk).

H.i.g. capital, llc signed a definitive agreement to acquire biovectra inc. from mallinckrodt plc (nyse:mnk) for $250 million on september 10, 2019. the consideration consists of fixed consideration of $175 million, which is comprised of an upfront payment of $135 million and a long-term note for $40 million, and contingent payments of up to $75 million. the transaction is anticipated to include all of biovectra’s sites in prince edward island and nova scotia, canada, as well as its employee base. the transaction is subject to the customary closing conditions and is expected to close in the fourth quarter of 2019. mallinckrodt intends to use the proceeds from this divestiture consistent with its previously disclosed capital allocation priorities. it is not anticipated that the sale will have any material tax impact to mallinckrodt. bering tsang, marc schaffer and ben wallace of goldman sachs & co. llc acted as financial advisors and julie scallen of latham & watkins llp acted as legal advisor to mallinckrodt. wells fargo securities llc acted as financial advisor and harris siskind, alex clavero, stephanie mccann and joshua samis of mcdermott will & emery llp acted as legal advisors to h.i.g. capital. patrick menda and joanna myszka of blakes, cassels & graydon llp acted as legal advisors to h.i.g. capital. h.i.g. capital, llc completed the acquisition of biovectra inc. from mallinckrodt plc (nyse:mnk) on november 4, 2019. the transaction structure has been updated and now comprises an upfront payment of $135 million and contingent consideration of $115 million based on the long-term performance of the business.
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