DUBLIN, Jan. 7, 2015 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a leading global specialty biopharmaceutical company, announced today that it will enhance commercial capabilities to realize the potential of the organization's Hospital and Autoimmune and Rare Diseases (ARD) businesses and redouble its focus on portfolio expansion.
"Fiscal 2014 was a transformational year for Mallinckrodt. The acquisitions and growth we achieved were significant and created new platforms that are foundations for our growth in the future," said Mark Trudeau, President and Chief Executive Officer of Mallinckrodt. "With a new Hospital platform and a synergistic Brands business increasingly concentrated on surgical specialties – and a portfolio of new therapeutic areas focused in Autoimmune and Rare Diseases – we have broader opportunities than ever before to serve patients and build our business, as well as deepen our talent pool."
To meet these needs, the company will amplify its focus on business strategy and portfolio development and intensify efforts to expand and deepen talent in the commercial organization.
The business will create a new cohort of general business manager roles across the organization with four in key ARD therapeutic areas (Rheumatology, Neurology, Nephrology, and Pulmonology) and similar leadership roles in Mallinckrodt's Hospital and Office Brands franchises. Internal candidates are being reviewed and external market searches are also underway. "Increasing the existing talent pool will drive growth from the opportunities immediately at hand, and also create business management capacity to support future acquisitions and portfolio development," said Trudeau.
With the company's focus on rapid expansion of the core business accelerated through partnership and acquisitions, Dr. Gary Phillips has been asked to resume his previous role as Mallinckrodt's Senior Vice President, Chief Strategy Officer, heading up Strategy and Business Development and Licensing efforts across the entire portfolio.
As the business continues efforts to build out its broader commercial organization, Hugh O'Neill, Senior Vice President and President, Specialty Pharmaceuticals, will assume responsibility for all specialty pharmaceutical commercial operations, including the hospital organization which he currently oversees and, in the interim, the sales, support and service activities for the recently acquired ARD business. O'Neill will also continue to have responsibility for the company's broad market access activities.
Phillips and O'Neill will continue to serve as members of Mallinckrodt's Executive Committee, and report directly to Trudeau. Both executives' appointments are effective January 7, 2015.
Mallinckrodt is a global specialty biopharmaceutical and medical imaging business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents. The company's core strengths include the acquisition and management of highly regulated raw materials; deep regulatory expertise; and specialized chemistry, formulation and manufacturing capabilities. The company's Specialty Pharmaceuticals segment includes branded and specialty generic drugs and active pharmaceutical ingredients, and the Global Medical Imaging segment includes contrast media and nuclear imaging agents. Mallinckrodt has more than 5,500 employees worldwide and a commercial presence in roughly 65 countries. The company's fiscal 2014 revenue totaled $2.54 billion. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
Cautionary Statements Related to Forward-Looking Statements
Statements in this press release that are not strictly historical, including statements regarding, future financial condition and operating results, economic, business, competitive and/or regulatory factors affecting our business and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: general economic conditions and conditions affecting the industries in which we operate; changes in laws and regulations; our ability to identify, acquire or close acquisitions; our ability to successfully integrate acquisitions of operations, technology, products and businesses generally and to realize anticipated growth, synergies and cost savings; our ability to successfully develop or commercialize new products; our ability to protect intellectual property rights; our ability to receive procurement and production quotas granted by the U.S. Drug Enforcement Administration; customer concentration; our reliance on certain individual products that are material to our financial performance; cost containment efforts of customers, purchasing groups, third-party payers and governmental organizations; the reimbursement practices of a small number of public or private insurers; limited clinical trial data for H.P. Acthar® Gel; complex reporting and payment obligations under healthcare rebate programs; our ability to achieve anticipated benefits of price increases; our ability to achieve expected benefits from restructuring activities; complex manufacturing processes; competition; product liability losses and other litigation liability; ongoing governmental investigations; material health, safety and environmental liabilities; retention of key personnel; conducting business internationally; and the effectiveness of information technology infrastructure. These and other factors are identified and described in more detail in the "Risk Factors" section of Mallinckrodt's Annual Report on Form 10-K for the fiscal year ended September 26, 2014. The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.
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SOURCE Mallinckrodt plc