Mallinckrodt Pharmaceuticals Declares Its Independence — Again


ST. LOUIS, June 28, 2013 (ST. LOUIS POST DISPATCH)–In his offices overlooking ’ sprawling campus in Hazelwood, chief executive Mark Trudeau shows off a small collection of relics from the company’s storied history.

Some apothecary bottles and a vintage Mallinckrodt pricing book. Rusty stencils used to paint one of the drug maker’s earlier names — Mallinckrodt Chemical Works — on barrels. A laboratory clock (circa 1920), and a large analytical microscope.

Mallinckrodt, one of the first chemical manufacturing companies west of the Mississippi, evolved into a pioneer of nuclear medicine and a global pharmaceutical supplier. The company, which has enjoyed close ties with regulatory agencies, was also a key player in the development of nuclear weapons. The company has been bought, sold and divided numerous times. And it has drawn criticism for its handling of radioactive materials.

But today, Mallinckrodt Pharmaceuticals will regain its as a publicly traded company — formally spinning off from its parent, Dublin-based Covidien, at the close of business.

Trudeau, who had worked previously as an executive at Bayer Pharmaceuticals and Bristol-Myers Squibb, said that when he joined Mallinckrodt last year he viewed the company as “an uncut jewel.”

“We believe there’s a lot of value in the company that has yet to be unlocked,” the CEO said in an interview. “People (here) are excited to be independent .”

To celebrate the occasion, he is scheduled to ring the opening bell Monday morning at the New York Stock Exchange, then fly to St. Louis for a ceremony that afternoon with employees, their families and local public officials to unveil Mallinckrodt’s new multicolored corporate logo.

“We tend to think of ourselves as one of the iconic companies of St. Louis,” Trudeau said. “Even though we’re an Irish domiciled company, St. Louis has always been and will always be an…Read more

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