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Questcor Pharmaceuticals Inc. (Nasdaq: QCOR) Climbs 30% on Mallinckrodt Deal

Questcor Pharmaceuticals Inc. (Nasdaq: QCOR) shares surged some 30% in premarket trading Monday after announcing it has agreed to be acquired by Mallinckrodt PLC (NYSE: MNK) in a $5.6 billion cash and stock deal.

Questcor NASDAQ QCOR

Shortly after the opening bell, shares of Anaheim-based Questcor climbed 25%, or $17, to $85.07, a 52-week high. Shares of Dublin-headquartered Mallinckrodt, which had been up 7.5% in early trading, slipped 2.29%, or $1.54, to $61.30 on extremely heavy volume. Less than 30 minutes into the session, 5.6 million MNK shares changed hands, five times the stock's average daily volume.

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