DUBLIN, Ireland & MALVERN, PA — Mallinckrodt plc and Endo, Inc. (OTCQX: NDOI) announced today that shareholders of both companies have approved the proposed merger, setting the stage for the creation of a scaled and diversified global pharmaceutical leader. The transaction, involving a mix of stock and cash, aims to enhance value for shareholders, streamline operations, and better serve patients worldwide.
With shareholder backing secured, Mallinckrodt will now seek approval from the Irish High Court to confirm the scheme of arrangement. Subject to receiving court sanction in July and fulfilling the remaining conditions, the companies expect to finalize the merger shortly thereafter. Post-merger, the combined company will maintain its global headquarters in Dublin, Ireland.
“We are pleased that our respective shareholders recognize the opportunity in combining these two essential pharmaceuticals organizations to accelerate value creation for our shareholders, customers, and employees, for the ultimate benefit of the patients we serve,” said Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt. Olafsson will continue to lead the combined entity as its CEO.
A key strategic element of the merger is the future separation of Mallinckrodt and Endo’s generic pharmaceuticals and sterile injectables businesses. The companies plan to establish these divisions as an independent entity after the merger, pending approval by the new combined company’s Board of Directors and satisfaction of other conditions.
“This milestone marks an important step forward in the combination of two highly complementary companies,” said Scott Hirsch, Interim CEO of Endo. “As we move toward the merger and planned separation of the sterile injectables and generics businesses, we are positioning to deliver improved product portfolios to patients and drive sustainable long-term value for our shareholders and stakeholders.”
The combined organization is expected to leverage its integrated resources to expand its pharmaceutical offerings, streamline production, and meet growing healthcare demands. These strategic advancements aim to not only optimize operations but also enhance access to critical treatments for patients globally.
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