With the spinoff complete from Covidien (NYSE: COV ) effective June 28, the medical device manufacturer's former specialty pharmaceutical arm, Mallinckrodt, begins its new life today as an independently traded public company. It is listed on the NYSE under the symbol MNK.
Mallinckrodt President and CEO Mark Trudeau said:
Today marks a significant new chapter in Mallinckrodt's proud history. 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.
The pharmaceutical business of Mallinckrodt and the medical device business of Covidien had divergent long-term objectives, and the latter announced in late 2011 its intention to spin off the specialty pharma. In the distribution, Mallinckrodt issued one share for every eight shares of Covidien stock held as of the close of business on June 19, the date of record for the distribution.
Mallinckrodt believes it can expand its overall sales by accelerating growth in its specialty pharmaceuticals segment by leveraging its core strengths in formulation, development, manufacturing, distribution, and commercialization in attractive markets such as controlled substances.
The Dublin, Ireland-based specialty pharma has approximately 5,500 employees worldwide, with direct sales in roughly 50 countries and distribution in approximately 40 countries. Mallinckrodt generated revenues of some $2.1 billion in 2012.