Dublin, Ireland-based speciality biopharma Mallinckrodt is extending its hospital-based offering with a $2.3-billion purchase of US privately-held critical care group Ikaria.

A Mallinckrodt subsidiary will acquire the company from a Madison Dearborn-led investor group, with the transaction is expected to close early in the second quarter assuming closing conditions are satisfied.

The firm says the deal will further accelerate growth in its Specialty Brands segment, broaden its hospital presence, and diversify its portfolio with “high-value, high-margin critical care products”.

The move is expected to add at least $150 million in net sales and be accretive to Mallinckrodt's fiscal year 2015 adjusted diluted earnings per share by at least $0.25 per share.