Covidien completes spinoff of pharmaceuticals unit
Covidien completes planned spinoff of pharmaceuticals business, Mallinckrodt
NEW YORK (AP) -- Healthcare products company Covidien has completed the spinoff of its pharmaceuticals business, Mallinckrodt, into a separate publicly traded company.
Ireland's Covidien PLC announced the planned spinoff in December 2011.
The company said that this allows both businesses to pursue their own strategic and operational plans, as they have different customers, business models, sales channels and capital requirements.
Mallinckrodt PLC will trade on the New York Stock Exchange under the "MNK" ticker symbol beginning on Monday. Mallinckrodt issued one ordinary share for every eight Covidien shares held as of the close of business on June 19.
Covidien's stock dropped $4.74, or 7.5 percent, to $58.10 in premarket trading with about 2 ½ hours before the market opening.
