On December 2, 2024, CVC, a global private markets manager, has completed its acquisition of the Therakos business from Mallinckrodt plc, a specialty pharmaceutical company. The deal, first announced on August 5, 2024, was executed through CVC Capital Partners Fund IX and is aimed at accelerating the development and expansion of Therakos’ therapeutic offerings. Financial terms were not disclosed. Therakos is the global leader in Extracorporeal Photopheresis (ECP) systems for autologous immunomodulatory therapy, with regulatory approvals across the U.S., Canada, Europe, Japan, Australia, Latin America, and South Korea.

Healthcare executives Michael Rechtiene and Sandra Thompson, who previously led the company, will return as Co-CEOs. They have partnered with CVC to advance Therakos’ mission of improving outcomes for patients with immune-related diseases. CVC highlighted its expertise in executing corporate carve-outs and expressed confidence in the leadership’s ability to scale the business globally.

UBS served as CVC’s financial advisor, while Freshfields Bruckhaus Deringer provided legal counsel. PwC supported on financial diligence, and Candesic advised on commercial aspects. Mallinckrodt was represented by A&O Shearman, with McMillan LLP acting as Canadian legal counsel for the cross-border elements of the transaction. Although the acquisition value remains undisclosed, the transaction represents a significant commitment to innovation in immunomodulatory therapies and reinforces CVC’s healthcare investment strategy.