Mallinckrodt, Endo Complete Merger to Create Global, Scaled, Diversified Therapeutics Leader

Core Insights - The merger between Mallinckrodt plc and Endo, Inc. aims to create a global leader in therapeutics, focusing on addressing unmet patient needs through a diversified portfolio of products [1][2][3] Company Overview - The combined entity will operate under the Par Health name for its generics and sterile injectables business, which is set to be spun off as an independent company by the fourth quarter of 2025 [4][6] - The new company will have a strong balance sheet and financial flexibility to invest in innovation and business development [2][3] Market Position and Growth Potential - The merged company is positioned to grow its branded portfolio across various therapeutic areas, including endocrinology, gastroenterology, and neurology, among others [3][4] - The generics and sterile injectables business boasts a broad product portfolio and robust infrastructure, enhancing its competitive edge in the market [4] Financial Synergies - The merger is expected to generate at least $150 million in annual pre-tax run-rate operating synergies by Year 3, with approximately $75 million in the first 12 months post-merger [5] Financial Terms of the Merger - Endo shareholders received $100 million in cash and own 49.9% of the combined company, while Mallinckrodt's pre-transaction shareholders own 50.1% [7] - A subsidiary of Mallinckrodt incurred a $1.35 billion secured credit facility to finance the transaction and pay off existing debts [8] Executive Leadership - Siggi Olafsson continues as President and CEO of the combined company, with Paul Efron serving as Board Chair [10]