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Mallinckrodt to spin off generics business, but to keep options open

(Reuters) – Mallinckrodt Plc (MNK.N) plans to spin off its specialty generics business to shareholders by the second half of 2019, but said it was still open to a sale of the unit.

The company has been looking to sell the division since 2016 and talks held this year with at least two potential buyers fell through, according to media reports.

Mallinckrodt’s shares fell 7.5 percent to $ 21.41 on Thursday morning.

The generics business, which generated revenue of $ 839.5 million in fiscal 2017, largely makes opioid drugs and has come under pressure as mor…
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