Mallinckrodt and Endo, two specialty pharma and generics companies, have announced the next step in their merger plan, first announced in March 2025, and completed on August 1, 2025. The two companies announced that they have completed the spin-off of Mallinckrodt’s and Endo’s generics businesses and Endo’s sterile injectables business into a standalone company, Par Health. Additionally, the two companies announced that going forward, the combined company as a result of their merger will operate under the name Keenova Therapeutics. 

Keenova Therapeutics is composed of specialty brands, which represents a combination of Mallinckrodt’s Specialty Brands segment and Endo’s Branded Pharmaceuticals segment. Going forward, Keenova says it plans to expand its diversified brands portfolio across a wide range of therapeutic areas, including rheumatology, ophthalmology, nephrology, pulmonology, neurology, urology, and orthopedics. Keenova’s leading therapeutics include Acthar Gel, a corticotropin treatment for chronic or acute inflammatory or autoimmune conditions, and Xiaflex (collagenase clostridium histolyticum), a nonsurgical injectable biologic that selectively targets collagen in adults with Dupuytren’s contracture and Peyronie’s disease. 

Keenova Therapeutics is projected to have full-year 2025 pro forma net sales of $1.87 billion to $1.89 billion, as the company reported in its third-quarter 2025 earnings results on November 10, 2025. Keenova says it intends to pursue a listing of its ordinary shares on the New York Stock Exchange in 2026, subject to approval by Keenova’s Board of Directors and other considerations and conditions. The company expects to conduct a public offering of its ordinary shares to facilitate the listing at that time. Par Health will operate as a private, separate company. 

Keenova says it remains on track to realize and benefit from approximately $75 million of pre-tax, run-rate synergies in the first 12 months post-merger and at least $150 million of annual pre-tax, run-rate synergies by year three post-merger, primarily driven by business function integration and savings from economies of scale, among other areas, in connection with Mallinckrodt’s merger with Endo. 

Keenova is headed by Sigurdur “Siggi” Olafsson, who serves as President and Chief Executive Officer (CEO) as well as a member of Keenova’s Board of Directors. He previously served as President, CEO, and member of the Board of Directors at Mallinckrodt. Keenova is globally headquartered in Dublin, Ireland.  

Source: Keenova Therapeutics