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Mallinckrodt

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Mallinckrodt Pharmaceuticals, based in Dublin, Ireland with U.S. headquarters in St. Louis, Missouri, produces specialty pharmaceutical products including generic drugs and imaging agents.

Mallinckrodt manufactures and distributes products used in diagnostic procedures and in the treatment of pain and related conditions. This includes the development, manufacture and distribution of specialty pharmaceuticals, active pharmaceutical ingredients, contrast products and radiopharmaceuticals. The company employs 5,500 at 47 locations around the world. Net sales were $2 billion in 2011.

Separation from Covidien

In 2011, Covidien announced plans to spin off its pharmaceuticals business into a standalone public company. Mallinckrodt Plc was officially separated as of June 28, 2013. Trading of regular shares of the company’s stock on the New York Stock Exchange began on July 1, 2013, under the ticker symbol MNK.

History

Early history

In 1867, the Mallinckrodt brothers, Gustav, Otto and Edward, founded G. Mallinckrodt & Co. in St. Louis, Missouri. Mallinckrodt Chemical Works was incorporated 15 years later. By 1898, the company had established itself as a pharmaceuticals supplier and in 1913 became the first to introduce barium sulfate as a contrast media for x-rays. The Mallinckrodt General Clinical Research Center received contributions from Edward C. Mallinckrodt, Jr., who headed the firm in the 1940s.

Recent history

  • 1981 – Mallinckrodt is listed among Fortune 500 companies
  • 1982 – Avon Products, Inc. acquires Mallinckrodt
  • 1986 – International Minerals and Chemical Corporation (IMCERA Group Inc.) acquires Mallinckrodt from Avon
  • 1995 – Mallinckrodt establishes generic pharmaceuticals business
  • 1996 – Mallinckrodt Inc. acquires maker of urology imaging systems and injectors, Liebel-Flarsheim Co.
  • 2000 – Tyco International acquires Mallinckrodt
  • 2007 – Tyco Healthcare spins off and becomes Covidien, an independent company The healthcare business units were spun off under the name Covidien.
  • 2011 – Covidien closes plant in Chesterfield, UK which makes para-aminophenol, with the loss of 64 jobs. This is a former Mallinckrodt site, now owned by Covidien.
  • 2011 – Covidien announces plans to spin off Mallinckrodt Pharmaceuticals as a standalone public company
  • 2012 – Mallinckrodt announces acquisition of CNS Therapeutics for $100 million
  • 2013 - Mallinckrodt spins off from Covidien and begins trading under ticker symbol MNK
  • 2014 - Acquires Cadence Pharmaceuticals and Questcor Pharmaceuticals; Joins S&P 500

Market

Mallinckrodt markets its products to major wholesalers and retail drug store chains. Imaging products are marketed primarily to physicians, technologists and hospitals, imaging centers, cardiology clinics and radiopharmacies.

Products

Mallinckrodt is the largest U.S. supplier, by prescription, of opioid pain medications and the largest U.S. supplier of the medical isotope technetium-99m. The company is among the top 10 generic pharmaceuticals manufacturers in the United States. The company is also the largest producer of bulk acetaminophen. Mallinckrodt also produces cocaine derived from the Coca-Cola coca leaves, extracted by the Stepan Company.

Sourcing

Mallinckrodt sources ingredients nationally and outside of the U.S. The company legally sources cocaine from the Stepan Company plant in Maywood, New Jersey. Federal restrictions bar the importation of drugs, such as Esterom, manufactured from cocaine, which therefore requires that manufacturers use the Stepan Company. Mallinckrodt is also one of the U.S. importers of opium from India.

The most famous federally approved cannabis grower, Dr. Mahmoud El Sohly, has also testified he has begun legally selling THC extracted from his marijuana farm at the University of Mississippi to the drug company Mallinckrodt. The National Institute on Drug Abuse at the University of Mississippi supplied Mallinckrodt with marijuana to produce a generic version of Marinol until the project ended in 2010.

References

  1. ^ "http://www.marketwatch.com/investing/stock/cov/profile". Wall Street Journal. 1 July 2013. Retrieved 18 July 2013. {{cite web}}: External link in |title= (help)
  2. ^ "Form 10-K". Retrieved 6 November 2012.
  3. "Covidien to Spin Off Drug Unit - WSJ.com". Retrieved 6 November 2012.
  4. "SHSMO-St. Louis s0452 MALLINCKRODT, EDWARD, JR. (1878-1967)". Retrieved 3 April 2013.
  5. "Mallinckrodt: a timeline : Business". Retrieved 6 November 2012.
  6. "TIMELINE: Mallinckrodt over the years - St. Louis Business Journal". Retrieved 6 November 2012.
  7. "Tyco to Buy Mallinckrodt for $3.2 Billion - Los Angeles Times". Retrieved 18 March 2013.
  8. "Tyco Healthcare completes spin-off as Covidien - St. Louis Business Journal". Retrieved 6 November 2012.
  9. http://www.reuters.com/article/reutersEdge/idUSN0237854220070702%7C Reuters press release Mon Jul 2, 2007 4:29pm EDT
  10. "Covidien Spinning Off Drugs Unit to Focus on Pain Management - Bloomberg". Retrieved 6 November 2012.
  11. "Covidien completes $100M CNS Therapeutics deal - Businessweek". Retrieved 6 November 2012.
  12. "Mallinckrodt plc Completes $1.4 Billion Acquisition of Cadence Pharmaceuticals, Inc". Yahoo Finance. 19 March 2014. Retrieved 10 January 2015.
  13. Armstrong, Drew; Serafino, Phil (7 April 2014). "Mallinckrodt Agrees to Buy Questcor for $5.6 Billion". Bloomberg. Retrieved 10 January 2015.
  14. "Mallinckrodt Set to Join the S&P 500; Rowan to Join S&P MidCap 400; GulfMark Offshore to Join S&P SmallCap 600". Yahoo Finance. 14 August 2014. Retrieved 10 January 2015.
  15. "Covidien to spin off pharmaceuticals business - St. Louis Business Journal". Retrieved 6 November 2012.
  16. "Trudeau leads Covidien spinoff, expansion - St. Louis Business Journal". Retrieved 3 April 2013.
  17. May, Clifford D. "How Coca-Cola Obtains Its Coca", The New York Times, July 1, 1988. Accessed April 11, 2008. "A Stepan laboratory in Maywood, N.J., is the nation's only legal commercial importer of coca leaves, which it obtains mainly from Peru and, to a lesser extent, Bolivia. Besides producing the coca flavoring agent sold to The Coca-Cola Company, Stepan extracts cocaine from the coca leaves, which it sells to Mallinckrodt Inc., a St. Louis pharmaceutical manufacturer that is the only company in the United States licensed to purify the product for medicinal use."
  18. "SEC filing by Esterom, Inc". Retrieved 2007-07-01.
  19. Senlis Council. "Feasibility Study on Opium Licensing in Afghanistan".
  20. "Researchers Find Study of Medical Marijuana Discouraged". New York Times. 18 January 2010. Retrieved 3 April 2013.

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