Endo and Mallinckrodt have completed a cash and stock merger valued at $6.7 billion. The deal combines the companies’ generics businesses and Endo’s sterile injectables division, with plans to eventually separate the drug businesses again in the future.

The merger aims to stabilise and restructure the operations of Endo and Mallinckrodt, creating a diversified pharmaceutical company with a significant U.S. presence. Under the terms of the agreement, Endo shareholders will receive $80 million in cash and own 49.9% of the combined company, while Mallinckrodt shareholders will hold 50.1%. The new entity will be headquartered in Dublin, Ireland, and listed on the New York Stock Exchange. The merger is expected to close in the second half of 2025, pending necessary approvals.