Covidien’s Mallinckrodt pharma spinout slated to close this month | Wall Street Beat

MassDevice.com Wall Street Beat

Covidien (NYSE:COV) said it expects to close its spinout of the Mallinckrodt pharmaceuticals business by the end of this month, with a distribution of shares in the new company.

Mansfield, Mass.-based Covidien said it will issue 1 single share of Mallinckrodt stock for 8 shares of COV stock to interested investors, will all distributions scheduled for completion by June 28.

Mallinckrodt will trade on the New York Stock Exchange under the MNK symbol, according to a press release.

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