**1. Corporate History and Evolution:**
– Mallinckrodt was founded in 1867 by Gustav, Otto, and Edward Sr. Mallinckrodt in St. Louis.
– Introduced barium sulfate for x-rays in 1913 and developed radiographic agents.
– Underwent multiple corporate changes, including acquisitions by Avon Products, IMCERA Group Inc., and Tyco International.
– Established ties with Washington University, including donations and partnerships with the School of Medicine.
– Executed a tax inversion to Ireland in 2013 and acquired Cadence Pharma for $1.3 billion.
**2. Legal Issues and Settlements:**
– Faced legal challenges, including a $100 million settlement with the U.S. FTC for Acthar pricing.
– Involved in lawsuits related to Medicaid rebate violations, opioid crisis, and whistleblower allegations.
– Filed for bankruptcy in 2020, with settlements costing millions and restructuring agreements with creditors.
– Regulatory compliance issues arose, including complaints about opioid shipments and FDA processes.
**3. Financial Challenges and Bankruptcy:**
– Missed payments to lenders and creditors, leading to two Chapter 11 bankruptcy filings.
– Stock delisted from NYSE and traded on OTC Markets before exiting bankruptcy.
– Reduced funded debt by $1.9 billion and transferred ownership to lenders and bondholders.
**4. Product Portfolio and Acquisitions:**
– Acquired various pharmaceutical companies, including Questcor Pharmaceuticals, Ikaria Inc., and Therakos.
– Specialty Pharmaceuticals accounted for a significant portion of net sales, with key products like Acthar gel.
– Offered medical imaging products such as contrast media and radiopharmaceuticals essential for diagnostic procedures.
**5. Opioid Crisis and Controversies:**
– Involved in the opioid crisis, with SpecGx supplying a significant number of oxycodone pills.
– Paid fines for opioid shipment issues, faced over $1 billion in costs from lawsuits, and settled for $1.6 billion with states in 2020.
– Bankruptcy filings were influenced by opioid-related liabilities, with ongoing legal battles and restructuring efforts.
Mallinckrodt Pharmaceuticals is an American-Irish domiciled manufacturer of specialty pharmaceuticals (namely, adrenocorticotropic hormone), generic drugs and imaging agents. In 2017, it generated 90% of its sales from the U.S. healthcare system. While Mallinckrodt is headquartered in Ireland for tax purposes, its operational headquarters are in the U.S. Mallinckrodt's 2013 tax inversion to Ireland drew controversy when it was shown Acthar was Medicaid's most expensive drug.
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| Company type | public liability company |
|---|---|
| OTC Pink: MNKTQ NYSE: MNK | |
| ISIN | IE00BBGT3753 |
| Industry | Pharmaceutical |
| Predecessor | Mallinckrodt Inc. (before the 2013 tax inversion to Ireland) |
| Founded | 1867 |
| Headquarters |
|
Key people | Sigurdur (Siggi) Olafsson (CEO), Bryan Reasons (CFO) |
| Revenue |  US$3.162 billion (2019) |
| US$1.421 billion (2019) | |
 −US$1.822 billion (2019) | |
| Total assets | US$10.338 billion (2019) |
| Total equity |  US$8.398 billion (2019) |
Number of employees | 3,400 (2019) |
| Website | mallinckrodt |
Mallinckrodt acquires (for repricing), manufactures, and distributes products used in diagnostic procedures and in the treatment of pain and related conditions. This includes the acquisition, manufacture, and distribution of specialty pharmaceuticals, active pharmaceutical ingredients, contrast products, and radiopharmaceuticals. The company employed 5,500 and had net sales of $3.2 billion in 2017, of which $2.9 billion was from the U.S. healthcare system.
The company has been implicated as a major contributor to the prescription opioid scandal around the over-prescription of oxycodone in the United States.