In Split, Ikaria Looks For Products, While New R&D Play Preps For IPO
In a partial buy-out by new private equity investor Madison Dearborn Partners, Ikaria is refocused on building out its critical care product portfolio, while a new R&D spin-out may take a route to the public markets. Existing investors have already done nicely through a series of dividends.
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But, with its $2.3 billion purchase price, Mallinckrodt is betting it can withstand a patent challenge to INOmax, an inhaled nitric oxide drug/device combo product, from an industrial gas company.
Ikaria shareholders sold the commercial side of that critical care business, but retained a stake in the off-loaded assets. While gastrointestinal and cystic fibrosis company Aptalis turns to an IPO instead of an acquisition.
Although Ikaria focuses on a highly specialized segment of the hospital market, its integrated business model offers insights into continuum of care strategies that pharma companies are evaluating in a reimbursement-focused world. The company’s promising strategy could get a boost from key trial read-outs as soon as late 2012.