News Release
Mallinckrodt plc Begins Trading on New York Stock Exchange
Spin-off from Covidien plc creates new global specialty
pharmaceuticals company
DUBLIN--(BUSINESS WIRE)--Jul. 1, 2013--
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.
ABOUT MALLINCKRODT
Mallinckrodt is a leading global specialty pharmaceuticals business that
develops, manufactures, markets and distributes specialty pharmaceutical
products and medical imaging agents with the highest quality standards
and care. The company’s Specialty Pharmaceuticals segment includes
branded and generic drugs, and the Global Medical Imaging segment
includes contrast media and nuclear imaging agents. Mallinckrodt has
approximately 5,500 employees worldwide with direct sales in roughly 50
countries and distribution in approximately 40 countries. The company’s
2012 revenue totaled $2.1 billion. To learn more about Mallinckrodt,
visit www.mallinckrodt.com.
FORWARD-LOOKING STATEMENTS
Any statements contained in this communication that do not describe
historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to, statements
about future financial condition and operating results, economic,
business, competitive and/or regulatory factors affecting our business,
and the effect of the separation of Mallinckrodt’s business from
Covidien. Any forward-looking statements contained herein are based on
our management's current beliefs and expectations, but are subject to a
number of risks, uncertainties and changes in circumstances, which may
cause actual results or Company actions to differ materially from what
is expressed or implied by these statements. The factors that could
cause actual future results to differ materially from current
expectations include, but are not limited to, our ability to receive
procurement and production quotas granted by the U.S. Drug Enforcement
Administration, our ability to obtain and/or timely transport
molybdenum-99 to our technetium-99m generator production facilities,
customer concentration, cost-containment efforts of customers,
purchasing groups, third-party payors and governmental organizations,
our ability to successfully develop or commercialize new products, our
ability to protect intellectual property rights, competition, our
ability to integrate acquisitions of technology, products and
businesses, product liability losses and other litigation liability, the
reimbursement practices of a small number of large public or private
issuers, complex reporting and payment obligation under healthcare
rebate programs, changes in laws and regulations, conducting business
internationally, foreign exchange rates, material health, safety and
environmental liabilities, litigation and violations and information
technology infrastructure. These and other factors are identified
and described in more detail in the “Risk Factors” section of the Form
10 Registration Statement, as amended. We disclaim any obligation to
update these forward-looking statements other than as required by law.
Source: Mallinckrodt plc
Mallinckrodt plc
Lynn Phillips, 314-654-3263
Manager, Media
Relations
lynn.phillips@mallinckrodt.com
or
Meredith
Fischer, 314-654-6595
Senior Vice President, Communications
meredith.fischer@mallinckrodt.com
or
John
Moten, 314-654-6650
Vice President, Investor Relations
john.moten@mallinckrodt.com