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MNK

Mallinckrodt

$2.26

-0.02 (-0.88%)

06:57
09/30/19
09/30
06:57
09/30/19
06:57

Mallinckrodt finalizes settlement to resolve Ohio opioid cases

Mallinckrodt, along with its wholly owned subsidiaries, announced that it has executed a definitive settlement agreement and release with Cuyahoga and Summit Counties in Ohio in connection with lawsuits pending in multidistrict opioid litigation, or MDL, in the U.S. District Court for the Northern District of Ohio. The settlement fully resolves the Track 1 cases against all named Mallinckrodt entities that are currently scheduled to go to trial in October in the MDL. The Track 1 cases assert various claims related to the opioid business operated by SpecGx. Under the agreement, Mallinckrodt will pay $24M in cash and provide $6M in generic products, including addiction treatment products. It also will provide a $500,000 payment in two years in recognition of the counties' time and expenses. Further, in the event of a comprehensive resolution of government-related opioid claims, Mallinckrodt has agreed that the two plaintiff counties will receive the value they would have received under such a resolution, less the payments described above. All named Mallinckrodt entities will be dismissed with prejudice from the lawsuit. The value of the settlement should not be extrapolated to any other opioid-related cases or claims.

  • 02

    Oct

MNK Mallinckrodt
$2.26

-0.02 (-0.88%)

09/05/19
09/05/19
DOWNGRADE
Target $3

Market Perform
Mallinckrodt cut to Market Perform at BMO Capital on opioid restructuring report
As previously reported, BMO Capital analyst Gary Nachman downgraded Mallinckrodt to Market Perform and slashed his price target to $3 from $19 after yesterday's Bloomberg reports that the company hired restructuring firms to help manage through its opioid litigation. The analyst contends that an already challenging situation has "taken a turn for the worse", stating that he previously believed that the company would be able to navigate through these issues. Nachman adds that with the mounting pressures related to the litigation, the possibility of bankruptcy for Mallinckrodt can no longer be ruled out.
09/05/19
09/05/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. BHP Group (BHP) downgraded to Underperform from Neutral at Exane BNP Paribas. 2. Mallinckrodt (MNK) downgraded to Market Perform from Outperform at BMO Capital analyst Gary Nachman citing yesterday's Bloomberg reports that the company hired restructuring firms to help manage through its opioid litigation. 3. Yirendai (YRD) downgraded to Underperform from Neutral at Macquarie with analyst Dexter Hsu saying the company not only reported "disappointing" Q2 results, but also closed the merger with CreditEase on unfavorable terms. 4. Green Dot (GDOT) downgraded to Hold from Buy at Jefferies with analyst John Hecht saying the company's organic revenue growth has been slowing and it is trying to establish share in a new customer target market with well-resourced competitors. 5. Royal Dutch Shell (RDS.A, RDS.B) downgraded to Market Perform from Outperform at Cowen with analyst Jason Gabelman saying the downgrade reflects its peer leading exposure to international gas prices which are forecasted lower through 2020 and as a result could limit its free cash flow growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/09/19
STFL
09/09/19
NO CHANGE
Target $8
STFL
Hold
Mallinckrodt price target lowered to $8 from $20 at Stifel
Stifel analyst Annabel Samimy lowered her price target for Mallinckrodt shares to $8 from $20 after she reduced her expected growth of Acthar for 2019 and beyond and factored in more concrete potential litigation cash-calls. She models a $300M potential settlement with CMS related to the Acthar AMP-pricing reversion and has included a $900M potential liability for opioid-litigation payments, calling those her "best, reasonable estimates at this point" but acknowledging there still remains considerable uncertainty around both issues. Mallinckrodt's settlement of Track 1 of the Ohio multi-district litigations is "only a small step in the sprawling opioid litigation," but the settlement buys the company much-needed time to address New York state litigation or a global settlement, said Samimy, who keeps a Hold rating on Mallinckrodt shares.
09/10/19
STFL
09/10/19
NO CHANGE
STFL
Mallinckrodt's sale of BioVectra helps alleviate cash pressure, says Stifel
Stifel analyst Annabel Samimy maintained a Hold rating and $8 price target on Mallinckrodt, but noted that Mallinckrodt announced the sale of its CDMO organization, BioVectra, to HIG Capital for a potential $250M, which the analyst believes is "a positive step to manage and bolster cash and maintain capital allocation priorities." Samimy added that, with the departure of Specialty Generics President Matthew Harbaugh, the company's suspension of the spin-off appears indefinite.

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