#Ireland #Dublin #Mallinckrodt #Par Health #Keenova

Mallinckrodt's Transition to Keenova Therapeutics

In a significant shift within the pharmaceutical landscape, Mallinckrodt plc has officially completed the spin-off of its Par Health division, specializing in generic pharmaceuticals and sterile injectables. This transformation marks the dawning of Keenova Therapeutics, a name that symbolizes the company's commitment to innovation and patient care. As of now, Mallinckrodt will be known solely as Keenova Therapeutics, reflecting a focused ambition to develop and commercialize branded therapeutics aimed at addressing rare or neglected health conditions.

The announcement, made on November 10, 2025, emphasizes the company's proactive approach under the leadership of President and CEO Siggi Olafsson. "We are proud to introduce Keenova Therapeutics as a new company with a new identity and a new future. The name 'Keenova' combines our keen focus on patient wellbeing with our commitment to innovation," stated Olafsson. The tagline, 'Keen to Solve, Keen to Serve', underscores their dedication to understanding and resolving the challenges faced by patients.

Future Aspirations and Strategic Goals

As Keenova moves forward, there are plans in place for pursuing a public listing on the New York Stock Exchange in 2026. This process is subject to the approval of the company's Board of Directors and various other conditions. Once the listing is achieved, Keenova anticipates a public offering of its shares to facilitate this significant step. "We appreciate the hard work and commitment of our team members during this pivotal transformation, and we are looking forward to the opportunities that lie ahead to serve both patients and shareholders effectively," said Olafsson.

Keenova's portfolio boasts a projected revenue of $1.7 billion for the year 2024, and employs over 1,600 people globally. The headquarters is in Dublin, Ireland, supported by a strong commercial and manufacturing presence in the United States. This diverse operational structure is poised to enhance the development of various therapeutic interventions tailored to the medical realm.

Building a Robust Therapeutics Portfolio

Keenova Therapeutics aims to expand its therapeutic reach in areas like rheumatology, ophthalmology, nephrology, pulmonology, neurology, urology, and orthopedics. Among its leading products are Acthar® Gel—a corticotropin treatment designed for chronic inflammatory and autoimmune conditions—and XIAFLEX®, a biologic injectable aimed at treating conditions like Dupuytren's contracture.

The company is on a mission to grow its pipeline systematically and diversify its portfolio to cater to patients facing significant unmet medical needs. This strategy hinges on robust commercial capabilities and compliance standards, providing Keenova with a competitive edge in the pharmaceutical landscape.

Legal and Advisory Support

Opposing the strategic spin-off, Keenova has received legal representation from Wachtell, Lipton, Rosen & Katz as lead counsel, alongside Arthur Cox serving as Irish counsel. The firm's legal support is vital as Keenova navigates the complexities of the market and solidifies its position within the industry.

A Commitment to Patient Well-Being

Keenova Therapeutics prioritizes the health and happiness of patients struggling with rare or under-treated conditions. The firm has positioned itself as a promising newcomer in the biotechnology segment, with a diversified therapeutic lineup in endocrinology, gastroenterology, immunology, and beyond. Keenova is dedicated to helping patients realize better health outcomes through tailored treatments and innovative solutions.

This shift marks not just a rebranding but a redirection towards a more focused approach that aims to dive into the nuances of patient care and therapeutic development. As Keenova embarks on this new chapter, both investors and health professionals alike will be watching closely to see how this evolution catalyzes advancements in treatment and healthcare accessibility.

For more information on their services and future initiatives, Keenova encourages stakeholders and interested parties to visit their website, www.keenova.com.