Pharmaceuticals | Staines-Upon-Thames, UK
Mallinckrodt has announced plans to spin off its specialty generic pharmaceutical division. The business mainly produces opioids and has come under fire for contributing to the opioid epidemic in the US, per Reuters. The company has been pursuing strategic alternatives for the unit for more than two years, and is reportedly also open to a sale. Mallinckrodt's shares (NYSE: MNK) fell by nearly 7% on Thursday.