Mallinckrodt to spin off generics business; BeyondSpring ready to submit approval for lead drug in China
→ Barely a month after Mallinckrodt $MNK reported a key drug failure, the company on Thursday said it was spinning off its specialty generics business — including Amitiza which it gained from its $1.2 billion acquisition of Sucampo — about two years after the UK-based company first said it was seeking options for the business. The generics business, which accounted for just over a quarter of net sales last year, will retain the Mallinckrodt name and be run by current CFO Matthew Harbaugh. The specialty branded drugs business, which includes the controversial drug Acthar, will be led by CEO Mark Trudeau, and will also be publicly listed under a so-far unannounced name.
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