Mallinckrodt Finds An Exit Door For Generics In Proposed Opioid Settlement
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.
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US biotech expands 2017 collaboration with Alnylam and inks collaboration with WuXi. Plus deals involving AbbVie, Allergan, Amazon, Thermo Fisher, Qiagen, Boehringer Ingelheim, Trutino, Taiho, Arcus, Eisai, Fuji Yakuhin, Hikma, Glenmark, Hanmi, GC, Bayer, GW.
Last year, Mallinckrodt attempted restructuring the firm to evade bankruptcy fears. However, the company is now filing for bankruptcy for its US generics business to address “unmanageable liabilities.”
Mallinckrodt to pay $1.6bn and place its generics unit in bankruptcy under agreement in principle for US global settlement; six states are not on board, including New York, whose suit is still set to go to trial March 20.