Tuesday, February 25, 2020
Joele Frank is working media for Mallinckrodt PLC's deal to pay $1.6B over eight years to settle its share of the thousands of lawsuits filed against opioid makers and distributors.
The $3.2B pharmaceuticals company hashed out its agreement with 47 states and US territories.
The plan calls for Mallinckrodt's generic subsidiaries, which manufacture opioids, to enter Chapter 11. The court is expected to create a trust to offset the cost of countering opioid addiction and supporting communities to combat the scourge.
Mallinckrodt and other generic units will not be part of the Chapter 11 process. "Reaching this agreement in principle for a global opioid resolution and the associated debt refinancing activities announced today are important steps toward resolving the uncertainties in our business related to the opioid litigation," Mallinckrodt CEO Mark Trudeau said in a statement.
Mallinckrodt is the first company to reach a broad agreement to settle opioid litigations.
Joele Frank, Wilkinson Brimmer Katcher's Michael Freitag, Aaron Palash and Aura Reinhard represent Mallinckrodt.