Mallinckrodt has agreed to sell its contract manufacturing unit BioVectra to an affiliate of H.I.G. Capital, a private equity firm, for as much as $250 million. The seller will receive an upfront payment of $135 million, a long term note for $40 million and contingent payments of as much as $75 million, “enabling Mallinckrodt to capture future BioVectra growth potential,” the company said. The companies expect the transaction to close in the fourth quarter. For Mallinckrodt, the deal offers a welcome infusion of cash as it tries to fend off more than 2,000 lawsuits related to the opioid crisis. Shares tumbled to an all-time low this month after reports the company was considering bankruptcy.  Learn More