Ireland's Mallinckrodt closes spinout, rebrands as Keenova

After joining with Endo earlier this year, Mallinckrodt has completed its restructuring with the spinout of generic and sterile injectables unit Par Health, emerging from the process with a new name – Keenova Therapeutics.

The $6.7 billion merger brought together two companies that had been forced to file for bankruptcy protection due to opioid litigation in the US. Now, the separation of Par leaves Keenova with the branded medicine businesses of Mallinckrodt and Endo, a workforce of around 1,600, and pro forma 2024 sales of $1.7 billion.

Its main products include Acthar Gel, a corticotropin treatment for people living with certain chronic or acute inflammatory or autoimmune conditions, Xiaflex, an injectable biologic that selectively targets collagen and is used to treat Dupuytren's contracture and Peyronie's disease, and Terlivaz (terlipressin) for hepatorenal syndrome (HRS).

Mallinckrodt chief executive Siggi Olafsson, who has become president and CEO of the combined company, said the rebranding introduces "a new company with a new identity and a new future."

Next up for Keenova – which will retain its domicile in Dublin, Ireland – will be a listing of ordinary shares on the New York Stock Exchange in 2026, to take place alongside a public offering.

"The name 'Keenova' reflects two complementary attributes of our company – a keen focus on helping patients receive the care they deserve and the innovation required to develop our therapeutics," said Olafsson.

The company is planning to grow its pipeline across several core areas, namely rheumatology, ophthalmology, nephrology, pulmonology, neurology, urology, and orthopaedics.

Mallinckrodt and Endo filed for bankruptcy protection as part of settlement agreements in lawsuits related to the opioid crisis in the US, parting with billions of dollars to put the lawsuits behind them and support programmes to support people whose lives have been affected by opioid use.

Since then, they have been re-inventing themselves as specialty pharma companies with a new, diversified business scope.

In the first set of combined financial results for the third quarter of 2025, which included two months of Endo's contribution, net sales came in at $753 million, up 49% on the same period of 2024.

Meanwhile, the Mallinckrodt and Endo generics and sterile injectables products rolled into Par had sales of $337 million in the quarter, making it a top-15 generic medicines producer in the US market.

St Louis, Missouri-headquartered Par, which has around 4,000 workers, said it is also the largest US manufacturer of active pharmaceutical ingredients (API) by volume.