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Joele Frank is working media for Mallinckrodt PLC's deal to pay $1.6B over eight years to settle its share of the thousands of lawsuits filed against opioid makers and distributors.
The $3.2B pharmaceuticals company hashed out its agreement with 47 states and US territories.
The plan calls for Mallinckrodt's generic subsidiaries, which manufacture opioids, to enter Chapter 11. The court is expected to create a trust to offset the cost of countering opioid addiction and supporting communities to combat the scourge.
Mallinckrodt and other generic units will not be part of the Chapter 11 process. "Reaching this agreement in principle for a global opioid resolution and the associated debt refinancing activities announced today are important steps toward resolving the uncertainties in our business related to the opioid litigation," Mallinckrodt CEO Mark Trudeau said in a statement.
Mallinckrodt is the first company to reach a broad agreement to settle opioid litigations.
Joele Frank, Wilkinson Brimmer Katcher's Michael Freitag, Aaron Palash and Aura Reinhard represent Mallinckrodt.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
