Mallinckrodt to spin off generics unit

Mallinckrodt plans to spin off its specialty generics unit to create two independent, publicly traded companies, the drugmaker said in an update May 28.

The spun-off entity, which will be owned by Mallinckrodt shareholders, will get the Mallinckrodt name. The branded unit will be named Sonorant Therapeutics and will be listed on the New York Stock Exchange under the ticker symbol "SRTX."

The goal of the spinoff is to create two companies, one focused on innovative specialty branded pharmaceuticals and another focused on generic drugs.

Mallinckrodt board members still need to approve the split. The plan to spin-off the generics unit was first announced in December 2018.

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