Drugmaker Mallinckrodt suspended a plan to spin off its painkiller business to shareholders. With hefty debt, falling sales and potential legal liability from thousands of pending opioid-related lawsuits, the company’s future is grim, writes rob_cyran.
Mallinckrodt said on Aug. 6 it had suspended a plan to spin off its specialty generic drug business. The UK-based drugmaker cited current market conditions and increased uncertainties created by opioid litigation. Most of the unit’s revenue comes from pain killers.Mallinckrodt announced spinoff plans in December. It had previously tried to sell the division.
Mallinckrodt also reported revenue of $823 million in the second quarter, a slight decrease from the same period last year. The company lost 1 cent per share on continuing operations.
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