Mallinckrodt announced the completion of the planned spin-off of its Par Health generic pharmaceuticals and sterile injectables businesses. Moving ahead, Mallinckrodt will be known as Keenova Therapeutics and will focus on developing, manufacturing, and commercializing branded therapeutics that help patients with rare or unaddressed conditions live happier and healthier lives.
"We are proud to introduce Keenova Therapeutics as a new company with a new identity and a new future," said Siggi Olafsson, President and Chief Executive Officer. "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. Our tagline – 'Keen to Solve, Keen to Serve' – underscores our commitment to solving the challenges our patients face and serving them with integrity."
Keenova currently intends to pursue a listing of its ordinary shares on the New York Stock Exchange in 2026, subject to approval by Keenova's Board of Directors and other considerations and conditions. The Company expects to conduct a public offering of its ordinary shares to facilitate the listing at that time.
Mr. Olafsson added, "On behalf of our Board and leadership team, I thank our team members for the extraordinary effort required to make Keenova a reality. We are excited about the tremendous opportunities we see ahead to support patients and providers and to create value for our shareholders, employees, customers, and other stakeholders."
Keenova consists of the branded businesses of Mallinckrodt and Endo, Inc., which completed their merger in July 2025. The Company had 2024 pro-forma combined revenue of $1.7 billion and employs more than 1,600 team members. Keenova is globally headquartered in Dublin, Ireland, with a U.S.-focused commercial and manufacturing footprint.
Keenova's leading therapeutics include Acthar® Gel, a corticotropin treatment for people living with certain chronic or acute inflammatory or autoimmune conditions, and XIAFLEX®, a nonsurgical injectable biologic that selectively targets collagen in adults with Dupuytren's contracture and Peyronie's disease.
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