Piramal Enterprises, one of India's largest diversified companies with a presence in pharmaceutical, financial services, announced that its wholly owned Critical Care subsidiary in the UK has completed its acquisition of a portfolio of drugs for spasticity and pain management from Mallinckrodt LLC (Mallinckrodt).

As indicated in the Press Release dated January 30, 2017, the acquisition was for a cash consideration of USD 171 million and up to an additional USD 32 million payable depending on financial performance of the acquired assets over the next three years.

The portfolio acquired includes Gablofen (baclofen), a severe spasticity management product, which is currently marketed in the United States, and two pain management products, which are currently under development. Gablofen has also been approved for launch in eight European markets.

Gablofen is the only intrathecal baclofen drug available in vials and pre-filled syringes, which are preferred by users over the competing products available in ampoules. The pain management drugs under development are also for intrathecal administration. In the twelve months ending September 30, 2016, the acquired portfolio generated revenues of USD 44.6 million.

Shares of the company gained Rs 9.25, or 0.5%, to trade at Rs 1,871.90. The total volume of shares traded was 217 at the BSE (10.17 a.m., Monday).