logo
Share SHARE
FONT-SIZE Plus   Neg

Covidien Completes Spin Off, Mallinckrodt Starts Trading On NYSE

Covidien Plc (COV), a global provider of healthcare products, Monday announced the completion of the the separation of its Pharmaceuticals business. The new entity now held by Mallinckrodt plc will begin 'regular way' trading on the New York Stock Exchange under the symbol MNK.

The distribution of one Mallinckrodt ordinary shares for every eight Covidien ordinary shares held with record date of June 19, 2013.

Covidien announced the spin-off plans of the Pharmaceuticals business in December 2011 and the distribution of the ordinary shares was on June 28. The spin-off will enable both businesses to pursue their own strategic and operational plans, including setting optimal levels of investment in research and development and creating business-appropriate capital structures.

In fiscal 2012, excluding the Pharmaceuticals business, Covidien had annual sales of $9.9 billion and the Medical Devices business segment represented about 80% of the sales.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The month of May saw the FDA greenlight 5 new drugs, including 1 new molecular entity, and surprisingly turn down 1 drug candidate, whose approval was considered a no-brainer by some experts. Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts.
comments powered by Disqus
Follow RTT