Mallinckrodt announced this week that the sale of its contrast media and delivery systems (CMDS) business to Guerbet has officially been closed. The transaction, which was first announced in July 2015, is valued at approximately $270 million.

Guerbet’s new CMDS business includes four manufacturing facilities and approximately 1,000 employees.

"This acquisition transforms Guerbet and accelerates our future,” Yves L'Epine, Guerbet CEO, said in a statement. “We are very pleased to welcome these new colleagues to Guerbet and expand our U.S. operations. We expect to successfully and rapidly complete this integration, giving birth to a new global leader in medical imaging."

For Mallinckrodt, the deal is all about moving forward and transforming its portfolio.

"The diversiture of our CMDS business is an important step toward realigning our portfolio to one that contributes higher growth for shareholders and focuses our investments on medicines that provide higher value for patients and providers for the long run,” Mark Trudeau, Mallinckrodt president and CEO, said in the same statement. “With our strategic goals and priorities focused in the specialty biopharmaceutical space, we believe Guerbet is the best long-term owner for our CMDS portfolio.”