Ireland-based Mallinckrodt is buying Questcor Pharmaceuticals Inc. in a deal valued at about $5.2 billion that will help to diversify its business.

Mallinckrodt operates two production plants in North Raleigh.

Questcor stockholders will receive $30.00 per share in cash and 0.897 Mallinckrodt shares for each Questcor share they own, for a total consideration of approximately $86.10 per Questcor share. Questcor is based in California.

The companies put the transaction’s total value at about $5.6 billion.

After the deal closes, Mallinckrodt PLC shareholders will own about 50.5 percent and former Questcor shareholders will own about 49.5 percent of the combined company’s stock. Both companies’ boards unanimously approved the transaction.

The combined company will be headed by Mallinckrodt President and CEO Mark Trudeau. Mallinckrodt’s board will expand by three members to 12 directors.

“We believe this transaction will provide a strong and sustainable platform for future revenue and earnings growth, and provide exceptional value for shareholders of both Mallinckrodt and Questcor,” Trudeau said in a statement.

“It will substantially increase the scale, diversification, cash flow and profitability of our business, while expanding and enhancing the breadth and depth of our specialty pharmaceutical platform. With Questcor, combined with our recently completed acquisition of Cadence Pharmaceuticals, the new Mallinckrodt will have a significant, established presence with prescribers, payers and hospitals. We will also have an increasingly diversified specialty pharmaceuticals portfolio, which will include novel therapeutics for pain management, as well as central nervous system, renal, rheumatologic and other autoimmune and inflammatory disorders.”

Questcor’s stock rose slightly in Monday premarket trading.