Cadence Pharmaceuticals, the maker of pain and fever drug Ofirmev, will be purchased by Mallinckrodt Pharmaceuticals for around $1.3 billion, or $14 per share. Mallinckrodt said the deal would expand its portfolio of specialty pharmaceutical products and extend its reach into the hospital market, where many Cadence products are used. The deal, expected to be finalized in March, "is consistent with our goal of becoming a leading global specialty pharmaceuticals company," Mallinckrodt CEO and President Mark Trudeau said.

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