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The Medicines Company, Inc.

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The Medicines Company Agrees to Divest its Hemostasis Portfolio to Mallinckrodt plc

Portfolio includes Raplixa™(fibrin sealant), Preveleak™, and Recothrom® Thrombin topical (Recombinant)
Total potential consideration of up to $410 million

PARSIPPANY, N.J.--(BUSINESS WIRE)--Dec. 18, 2015-- The Medicines Company (NASDAQ:MDCO) today announced that it has entered into a purchase agreement pursuant to which certain subsidiaries of Mallinckrodt plc will acquire The Medicines Company’s global portfolio of three hemostasis products – RECOTHROM® Thrombin topical (Recombinant), PreveLeak™, and RAPLIXA™ (fibrin sealant) – for a total potential consideration of up to $410 million. The Medicines Company will receive an initial payment of approximately $175 million, including inventory, at closing and has the potential to receive up to $235 million in additional consideration for future milestone payments. Subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act, the transaction is expected to close in the first calendar quarter of 2016.

Glenn Sblendorio, President and Chief Financial Officer, The Medicines Company, said “This deal will deliver a substantial amount of non-dilutive capital to the Company so that we can continue to focus on core programs including our research and development for PCSK9 inhibition and continue to unlock shareholder value. We are pleased to reach this agreement with Mallinckrodt, who we believe has deep knowledge and experience in the hospital and surgical suite and the capability to maximize the commercial potential of these hemostasis products.”

Leerink Partners LLC is acting as financial advisor, and WilmerHale is acting as legal advisor, to The Medicines Company.
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Source: press release, 12/18/15. http://www.themedicinescompany.com/investors/news/medicines-company-agre...

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Compound/DeviceSpecialtyIndicationCompound ClassTarget
Recothrom (rThrombin) (2) surgerySurgerySurgical bleedingHemostat topicalCoagulation cascade

Mechanism of action: Recothrom (rThrombin), a recombinant human protein, improves control of bleeding during surgical procedures by increasing homeostasis via direct enhancement of the coagulation cascade with recombinant human thrombin.

Phase of Development: N/A

Event Type: Corporate: Merger and Acquisition Closing

Dates: 2016-01-01 - 2016-03-31

Results:

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The Medicines Company Completes Divestiture of its Hemostasis Portfolio to Mallinckrodt plc

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1 Feb 2016
PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 1, 2016-- The Medicines Company (NASDAQ:MDCO) today announced that it has completed the divestiture of its hemostasis portfolio to Mallinckrodt plc. The company’s global portfolio includes three hemostasis products – RECOTHROM® Thrombin topical (Recombinant), PreveLeak™ (surgical sealant), and RAPLIXA™ (fibrin sealant). The Medicines Company received an initial payment of approximately $174 million and has the potential to receive up to $235 million in additional consideration for future milestone payments.

Commenting on completion of the transaction, Clive Meanwell, MD, PhD, Chief Executive Officer, The Medicines Company, said “Closing this deal is a first step in executing the strategy we announced during our third quarter 2015 investor call which aims to unlock shareholder value while ensuring our potentially best in class products are available to fulfill the needs of customers. We will deploy the capital from this deal against our other products, including those in our R&D pipeline, which we believe have blockbuster potential. We are pleased to have these excellent hemostasis products in the hands of a company like Mallinckrodt who has considerable experience and commercial strength.”
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Source: press release, 2/01/16. http://www.themedicinescompany.com/investors/news/medicines-company-comp...

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