Who Owns Mallinckrodt Company?

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Who Really Owns Mallinckrodt Pharmaceuticals?

Unraveling the Mallinckrodt SWOT Analysis is just the beginning; understanding its ownership is key to grasping its future. The Mallinckrodt company has undergone significant transformations, particularly after emerging from bankruptcy in 2022. Knowing who controls Mallinckrodt dictates its strategic moves and its ability to navigate the complex biopharmaceutical landscape.

This exploration of Mallinckrodt ownership will examine the company's historical evolution, from its roots in 1867 to its current position as a global biopharmaceutical player. We'll dissect the Mallinckrodt company's ownership structure, including major shareholders and the impact of the opioid litigation settlement. This deep dive provides crucial insights for Mallinckrodt investors and anyone interested in the pharmaceutical industry's financial dynamics.

The story of the Mallinckrodt company begins with the Mallinckrodt brothers: Gustav, Otto, and Edward Sr. Their journey started in 1867 in St. Louis, Missouri, with the establishment of G. Mallinckrodt & Co. The company was initially capitalized with $10,000, aiming to supply essential drugs to local pharmacists, marking its place as the sole chemical firm west of Philadelphia at the time.

The early years saw the tragic loss of Gustav and Otto, leaving Edward Mallinckrodt Sr. to lead the business. In 1882, the company was incorporated as Mallinckrodt Chemical Works. Edward Sr. played a crucial role in innovation, notably with the introduction of anhydrous ammonia for ice production. This strategic move significantly boosted the company's growth, establishing it as a leading producer of anhydrous ammonia by 1890.

Mallinckrodt's early focus on chemical supplies and later on pharmaceuticals highlights a clear vision for expansion. The company's early ventures into medicinal narcotics, starting with morphine and codeine production in 1898, provided a steady revenue stream. The strategic expansions and product development reflected the founders' vision of creating a leading chemical and pharmaceutical supplier.

Early Ownership and Structure

Early ownership details are limited beyond the initial family control. However, a significant shift occurred in 1954 when Class A stock was offered to the public, while Class B stock, which retained voting rights, remained under the Mallinckrodt family's ownership. This structure allowed the company to raise capital while still maintaining family control over key decisions.

• The initial capital of G. Mallinckrodt & Co. was $10,000.
• The company began producing morphine and codeine in 1898.
• In 1954, Class A stock was sold to the public.
• The Mallinckrodt family retained control through Class B stock.

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The ownership of the Mallinckrodt company has seen significant changes over time. Initially a family-controlled entity, it transitioned to public ownership in 1954 with a Class A stock offering. Key acquisitions and spin-offs have reshaped its structure, including being acquired by Avon Products, Inc. in 1982, and later by International Minerals and Chemical Corporation (IMCERA Group Inc.) in 1986. The company then became part of Tyco International in 2000, followed by a spin-off as Covidien in 2007, before becoming an independent public company again in 2013.

A major recent development impacting the Mallinckrodt ownership is its agreement to merge with Endo, Inc., announced on March 13, 2025, and approved by shareholders on June 13, 2025. This merger, expected to close in the second half of 2025, will see Mallinckrodt shareholders owning 50.1% of the combined company. Endo shareholders will receive $80 million in cash and own 49.9%. The combined entity, expected to be listed on the New York Stock Exchange, will have an implied pro forma enterprise value of $6.7 billion and is projected to generate at least $150 million in annual operating synergies by Year 3.

As of May 13, 2025, Mallinckrodt PLC (US:MNK) has 7 institutional owners and shareholders who have filed 13D/G or 13F forms with the SEC, holding a total of 76,708 shares. Major institutional shareholders include GoldenTree Asset Management LP (16.80% ownership as of June 2024), Marathon Asset Management LP (8.80% as of August 2024), and Hein Park Capital Management LP (9.69% as of March 2025). The company's market capitalization is approximately $4.52 million USD as of June 2025.

Ownership Insights

Understanding the ownership structure of the Mallinckrodt company is crucial for investors and stakeholders. The company's history reveals a dynamic evolution from family control to public ownership and strategic mergers.

• Institutional investors hold a significant portion of the stock.
• The merger with Endo, Inc. will reshape the company's future.
• Shareholders should monitor these changes closely.
• The combined entity is expected to generate substantial synergies.

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The current board of directors of the Mallinckrodt company is pivotal in overseeing its operations and strategic direction. As of May 15, 2025, the board is composed of Paul M. Bisaro as Chair, along with Katina Dorton, Abbas Hussain, Sigurdur O. Olafsson (President and CEO), and Wesley P. Wheeler. These directors were appointed on February 2, 2024, with Paul M. Bisaro assuming the role of Board Chair.

Understanding the structure of the board is crucial for anyone interested in Mallinckrodt ownership. The board's composition reflects the company's commitment to experienced leadership, guiding the company through its strategic initiatives and financial performance. The board's decisions directly impact the company's direction and its value for Mallinckrodt investors.

The voting structure for Mallinckrodt's ordinary shares is typically one-share-one-vote, providing each ordinary share with one vote on matters presented at the Annual General Meeting. As of the record date of March 28, 2025, for the 2025 Annual General Meeting, there were 19,762,306 ordinary shares outstanding. This structure is important for understanding who controls Mallinckrodt and the influence of shareholders.

Future Board Composition

The upcoming merger with Endo, Inc. will change the board's composition and voting power. Upon completion of the transaction, the combined company will have a nine-member board.

• Siggi Olafsson will become President, CEO, and a board member.
• Paul Efron from the Endo Board will serve as Board Chair.
• The new board will include directors from both Mallinckrodt and Endo, plus one new director.
• The post-closing chair will have consent rights and a casting vote in case of ties.

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Over the past few years, the ownership landscape of the Mallinckrodt company has been significantly reshaped by its emergence from bankruptcy in June 2022 and subsequent strategic actions. The company has focused on reducing its debt and strengthening its financial position. As of December 27, 2024, the total outstanding principal debt was $865.6 million, a 47% reduction compared to the end of 2023, and outstanding net debt was $492.1 million, a decrease of approximately 64%.

A key development is the planned merger with Endo, Inc., announced on March 13, 2025, and approved by shareholders on June 13, 2025. This transaction is expected to close in the second half of 2025. Following the merger, Mallinckrodt shareholders will own 50.1% of the combined company. This strategic move aims to create value, combining generic pharmaceuticals businesses and Endo's sterile injectables business, with a future separation planned to form a branded specialty pharmaceuticals company and a generics and sterile injectables business. For a deeper understanding of the Mallinckrodt company's background, consider reading Brief History of Mallinckrodt.

In the fourth quarter of 2024, Mallinckrodt completed the divestiture of its Therakos business to CVC Capital Partners Fund IX for $925 million, which was intended to reduce net debt by over 50%. The company's focus, particularly with the Endo merger, is on accelerating value creation for shareholders. The combined entity is projected to generate pro forma 2025 revenue of $3.6 billion and pro forma 2025 Adjusted EBITDA of $1.2 billion, with anticipated annual pre-tax run-rate operating synergies of at least $150 million by Year 3.

Key Development

The merger with Endo, Inc., is a major shift in Mallinckrodt's ownership structure.

Financial Performance

The combined company is expected to have $3.6 billion in revenue for 2025.

Debt Reduction

Significant debt reduction since emerging from bankruptcy.

Institutional Investors

Institutional investors continue to hold shares in the company.

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