Mallinckrodt Creating Two Companies: Generics And Innovative Specialty Drugs
The company, which makes generic opioid products and the controversial Acthar Gel, is looking to chart a new course for the future – or make that two new courses.
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The company has reached a broad opioid settlement agreement in principle under which its specialty generics subsidiaries would file for Chapter 11 bankruptcy and Mallinckrodt's branded business would operate separately.
Business fundamentals took a back seat to opioid litigation in the second quarter for generic drug makers, including Teva, Mallinckrodt and Endo Pharmaceuticals.
At $10.9bn, biopharma financing was at its lowest quarter of the year. GSK’s $5.1bn acquisition of oncology player Tesaro led M&As. And 13 partnerships exceeded the $1bn mark, led by two agreements focused on RNAi.