Mallinckrodt completes spinoff, rebrands as Keenova Therapeutics

Mallinckrodt, headquartered in Dublin, Ireland, announced the completion of its planned spinoff of the Par Health generic pharmaceuticals and sterile injectables businesses. Following the separation, the company will operate under the new name Keenova Therapeutics, focusing on developing, manufacturing and commercializing branded therapies for rare and unaddressed medical conditions, according to the announcement.

Keenova CEO Siggi Olafsson said the company’s new identity reflects its dual focus on patient care and innovation. “The name ‘Keenova’ reflects two complementary attributes of our company — a keen focus on helping patients receive the care they deserve and the innovation required to develop our therapeutics,” Olafsson said in a statement.

Formed from the branded businesses of Mallinckrodt and Endo, which merged in July 2025, Keenova reported 2024 pro forma combined revenue of $1.7 billion and employs more than 1,600 people. The company’s global headquarters is in Dublin, with a U.S.-focused commercial and manufacturing presence.

Keenova’s portfolio includes Acthar Gel, a corticotropin treatment for chronic or acute inflammatory and autoimmune conditions, and XIAFLEX, a biologic injectable for Dupuytren’s contracture and Peyronie’s disease. 

The company said it plans to expand its pipeline and diversify its portfolio across therapeutic areas such as rheumatology, ophthalmology, nephrology, pulmonology, neurology, urology, and orthopedics.

_{This piece was created with the assistance of generative AI tools and was edited by our content team for clarity and accuracy.}