Mallinckrodt Public Limited Company (NYSE:MNK) agreed to spin-off of its Specialty Generics/Active Pharmaceutical Ingredients (Specialty Generics) business and AMITIZA product on December 6, 2018. Under the transaction, Mallinckrodt Public Limited Company plans to spin-off a new company, named Mallinckrodt Inc. consisting of its Specialty Generics business and AMITIZA® (lubiprostone) to Mallinckrodt shareholders. The planned separation is expected to be executed through a pro-rata distribution of common stock to Mallinckrodt's shareholders that is generally tax-free for U.S. federal income tax purposes. The separation is expected to create two independent, appropriately capitalized, publicly traded companies - one focused on innovative specialty pharmaceutical brands, the other concentrated primarily in niche specialty generic products and API manufacturing. It is anticipated that Mallinckrodt Inc. will be listed on the New York Stock Exchange (NYSE) and will assume the MNK ticker symbol along with the Mallinckrodt name. At separation, the remaining Specialty Brands Company will continue to be listed on the NYSE, renamed Sonorant Therapeutics plc, and is expected to adopt SRTX as its ticker symbol. The 'remaining' independent Specialty Pharmaceutical Brands Company, will continue to focus on its portfolio of innovative marketed and development products with approximately 1,600 employees. The newly separated company will include a leading acetaminophen business. For the twelve months ended September 28, 2018, the new Specialty Generics Company reported collective net sales of $862 million on an as reported basis inclusive of the AMITIZA product since February 14, 2018. Mark Trudeau, current President and Chief Executive Officer, will lead the Specialty Pharmaceutical Brands business. Matthew Harbaugh, currently Mallinckrodt's Executive Vice President and Chief Financial Officer and President of the Specialty Generics business, is expected to become President and Chief Executive Officer of the new company upon completion of the spin off. Harbaugh will step down as Mallinckrodt's Chief Financial Officer, effective immediately, to focus exclusively on preparing for separation, but will continue to serve as President of the Specialty Generics business and report to Trudeau. A search for Harbaugh's successor is underway. During this process, George Kegler, Mallinckrodt's Vice President of Finance, was appointed as Executive Vice President and will serve as interim Chief Financial Officer. Announcements of the Board of Directors for the Specialty Generics business are expected at a later date. As on May 28, 2019, anticipated Board of Directors of the New Specialty Generics Company was announced. James Sulat has been nominated as the independent chairman of the board and Michael Atieh has been nominated as chair of the audit committee of the new Board of Directors. Eric Slusser has joined the company and is expected to serve as Chief Financial Officer of the new company upon separation. The new Specialty Generics Company will be headquartered in the St. Louis, Missouri area. The Specialty Pharmaceutical Brands Company will maintain its global headquarters in Staines-upon-Thames, United Kingdom, and its principal U.S. office in Bedminster, N.J. The company also plans to maintain other facilities throughout the United States and in Australia, Canada, Ireland, Japan, Luxembourg and Switzerland. Completion of the spin-off will be subject to certain conditions, including Mallinckrodt Public Limited Company's final Board approval, an opinion from tax counsel regarding the treatment of the spin-off as generally tax-free for U.S. federal income tax purposes to Mallinckrodt shareholders, and the U.S. Securities and Exchange Commission (SEC) declaring the Form 10 registration statement effective. The spin-off is projected to be completed in the second half of 2019 or sooner. As on May 28, 2019, the sin-off is expected to be completed in the second half of 2019. Goldman Sachs & Co. LLC acted as financial advisor and Adam O.Emmerich, Victor Goldfeld, Andrew D. Kenny,Sahand Moarefy, Federico A. Chapa, Ilene Knable Gotts, Franco Castelli,Lauren E. Faraino, Adam J. Shapiro, Rohit A. Nafday, Eric M. Rosof, Emil A. Kleinhaus,Neil M. Snyder, Rachelle Silverberg, Jonathan R. Siegel, Corey J. Banks, Jodi J. Schwartz, Tijana J. Dvornic and Swift S.O. Edgar of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor to Mallinckrodt Public Limited Company on the spin-off.