Spin-off from Covidien plc creates new global specialty pharmaceuticals company
DUBLIN-July 1, 2013 -(BUSINESS WIRE/ME NewsWire)-- Mallinckrodt plc (NYSE: MNK) begins “regular-way” trading today on the New York Stock Exchange as an independent, global specialty pharmaceuticals company under the symbol MNK. Mallinckrodt completed its previously announced separation from Covidien plc (NYSE: COV) in a spin-off to shareholders on Friday, June 28.
“Today marks a significant new chapter in Mallinckrodt's proud history,” said Mark Trudeau, President and CEO of Mallinckrodt. “We are well positioned to leverage the skills and capabilities that have been developed over 145 years of pharmaceuticals industry experience. There are many benefits to our being independent that will accrue to Mallinckrodt's shareholders, customers and employees going forward. We are excited about the growth opportunities that lie ahead.”
Covidien announced in December 2011 that it planned to spin off its pharmaceuticals business to its shareholders. While both companies are leaders in their respective industries, each has different long-term objectives – and, separately, each has the ability to improve their independent strategies and invest in the opportunities that make the most sense for their businesses.
By leveraging its core strengths in formulation, development, manufacturing, distribution and commercialization in attractive markets such as controlled substances, Mallinckrodt believes it can expand overall sales by accelerating growth in its Specialty Pharmaceuticals segment.
The distribution of Mallinckrodt ordinary shares took place on June 28, 2013. In the distribution, Mallinckrodt issued one ordinary share for every eight Covidien ordinary shares held as of the close of business on June 19, 2013, the date of record for the distribution.