Mallinckrodt continues to look at a range of strategic options to deliver shareholder value
Management detailed Mallinckrodt’s relationship with Express Scripts and explained that it is not strained
After hosting Mallinckrodt’s CEO Mark Trudeau for an open Q&A session, Wells Fargo analyst David Maris says Mallinckrodt (MNK) continues to look at a range of strategic options to deliver shareholder value, and that all options, including going private, are on the table.
Mallinckrodt develops, manufactures, markets, and distributes branded and generic specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa, and internationally.
Management did an “excellent job” in correcting the record following “erroneous” short-seller presentations, Maris tells investors in a research note.
Management detailed Mallinckrodt’s relationship with Express Scripts (ESRX) and explained that it is not strained, Maris writes.
The analyst notes Trudeau spoke with Express Scripts CEO Timothy Wentworth a week ago about the relationship and that it seems “solid and mutually positive,” despite recent negative comments about Acthar from the pharmacy benefit manager’s Chief Medical Officer.
Maris has an Outperform rating on Mallinckrodt with an $83.50 price target.
As the Wall Street Journal’s Charley Grant points out on Twitter, Mallinckrodt said last month at a conference that it is exploring options to drive shareholder value.
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