Covidien offloads pharmaceuticals division
DUBLIN, Ireland – The board of directors at Covidien, a global provider of healthcare products, recently approved the spinoff of its pharmaceuticals business, Hazelwood, Mo.-based Mallinckrodt, according to a press release. Covidien will transfer the pharmaceuticals business to Mallinckrodt, which will operate as an independent, publicly traded company. For every eight ordinary shares of Covidien held, shareholders will receive one ordinary share of Mallinckrodt, the release noted. The move is expected to be completed June 28.