Mallinckrodt initiates Chapter 11 Proceedings
Ireland-incorporated specialty pharma firm Mallinckrodt Pharmaceuticals (NYSE: MNK) said last week that it planned to file for bankruptcy for the second time in three years.
Initial market reaction was positive, with the already near worthless shares rising as much as 23% to $0.66 on Wednesday, but they fell back to $0.34 by close on Friday.
The company announced it has entered into a restructuring support agreement (RSA) with a substantial majority of each of its first and second lien debtholders and the Opioid Master Disbursement Trust II (the Trust) on the terms of a comprehensive financial restructuring plan.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze