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Mallinckrodt PLC (MNK)

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  • Thu, Mar. 5, 7:32 AM
    • Mallinckrodt (NYSE:MNK) enters into a definitive agreement to acquire privately-held Ikaria for ~$2.3B. The takeover, expected to close by mid-year, will add $150M to Mallinckrodt's top line and at least $0.25 to EPS.
    • The Hampton, NJ-based firm develops and commercializes therapies and delivery systems for the treatment of critically ill infants in the hospital neonatal intensive care unit setting. Its lead product is INOmax (inhaled nitric oxide), a vasodilator indicated, in conjunction with ventilatory support and other agents, for the treatment of term and near-term (>34 weeks) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension.
    • The transaction will strengthen Mallinckrodt's footprint in hospitals by extending its presence into surgical specialties. It also builds potential diversity in its nephrology rare disease pipeline with terlipressin (injection), currently being investigated for the treatment of Hepato-Renal Syndrome Type 1 (HRS1) , a rare life-threatening condition with no currently available therapies. Terlipressin is approved and recognized as the standard-of-care treatment of HRS1 internationally, including several countries in Europe.
    • Mallinckrodt will host a conference call this morning at 8:30 am ET to discuss the deal.
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  • Nov. 13, 2014, 9:14 AM
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  • Nov. 13, 2014, 9:10 AM
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  • Sep. 25, 2014, 5:35 PM
    • Top gainers, as of 5:15 p.m.: PRGS +7.6%. NKE +6.2%. STV +5.7%. DMND +5.2%. WLT +4.2%.
    • Top losers, as of 5:15 p.m.: XIN -3.4%. BAX -2.2%. MNK -1.9%. DRD -1.9%. SPRT -1.8%.
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  • Aug. 20, 2014, 5:35 PM
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  • Aug. 7, 2014, 9:21 AM
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  • Jul. 8, 2014, 3:59 PM
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  • May. 8, 2014, 6:38 AM
    • Mallinckrodt (MNK): FQ2 EPS of $0.95 beats by $0.20.
    • Revenue of $558M (-4.7% Y/Y) misses by $8.5M.
    • Shares +7.8% PM.
    • Press Release
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  • Apr. 7, 2014, 12:45 PM
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  • Apr. 7, 2014, 9:10 AM
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  • Apr. 1, 2014, 5:38 PM
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  • Feb. 28, 2014, 10:30 AM
    • The FDA tells Bloomberg it's reviewing the lab tests of Questcor's (QCOR -8.8%) Acthar gel discussed by Citron Research in a 24-page report published yesterday. Citron claimed the tests showed almost no detectable amounts of the hormone ACTH, which Questcor has said it believes is the primary active ingredient within Acthar.
    • Shares are now down 17% from Wednesday's close.
    | 20 Comments
  • Feb. 27, 2014, 10:28 AM
    • Though Questcor (QCOR -6.5%) claims the hormone corticotropin (ACTH) is "believed" to be the primary active ingredient in its Acthar gel, lab tests of at least two separate Acthar batches turned up "almost no detectable ACTH," says Citron Research in a new 24-page report (.pdf).
    • Citron, which has published portions of the lab's findings (tests are ongoing), says the test results have been submitted to the FDA. The firm notes Questcor's manufacturing chief/CTO is being transitioned to a "non-executive advisory role," and that the company has been cryptic about Acthar's precise composition (referring to it as a "trade secret").
    • The firm argues the findings put Acthar at risk of being pulled by the FDA. Shares are adding to the post-earnings losses they saw yesterday.
    • Citron's prior Questcor commentary
    | 58 Comments
  • Feb. 25, 2014, 4:28 PM
    • 8.1K vials of Acthar shipped during quarter vs. 6.33K one year ago. For the full year, shipments of 28.1K vs. 20.7K in 2012.
    • New paid prescriptions for Acthar of about 2.45K-2.5K up about 30% Y/Y. Rheumatology prescriptions now account for nearly 30% of Acthar business. In January, company began with a small pilot sales force to educate pulmonologists about Acthar in the treatment of respiratory manifestations of orphan disease symptomatic sarcoidosis.
    • 960K shares repurchased during Q for average price of $55.26 each, a total of $53.1M. About 5.3M shares remain under existing authorization. End-of-year float of 62.3M shares.
    • "Management is working closely with the Board's newly formed Strategic Advisory Committee to support the Company's investigation and evaluation of potential strategies to use its future potential cash flow to generate long-term growth and value for shareholders."
    • CC at 4:30 ET
    • Press release, Q4 results
    • QCOR -3.4% AH
    | 14 Comments
  • Feb. 11, 2014, 12:46 PM
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  • Feb. 11, 2014, 9:44 AM
    • Mallinckrodt (MNK) is +8% and Cadence (CADX) +26% following news that Mallinckrodt has agreed to acquire Cadence for $1.3B.
    • The deal will increase Mallinckrodt's specialty pharmaceutical offerings and its presence in hospitals, where Cadence's products are widely used. These include Ofirmev, an intravenous painkiller and fever reducer with estimated 2013 sales of $110.5M in 2013.
    • Mallinckrodt expects the transaction to be immediately accretive to its 2014 earnings and significantly accretive to income a year later.
    • Mallinckrodt plans to finance the transaction through a senior secured term loan facility.
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Company Description
Mallinckrodt PLC develops, manufactures, markets & distributes generic specialty pharmaceutical products, active pharmaceutical ingredients and diagnostic imaging agents. It operates in two segments; Specialty Pharmaceuticals & Global Medical Imaging.