US based healthcare products provider Covidien has announced the initial filing of a Form 10 Registration Statement by Mallinckrodt with the US Securities and Exchange Commission (SEC) in connection with the firm's plans to separate its pharmaceuticals business.
The Form 10 Registration Statement includes the significant information about Mallinckrodt and the separation, which contains an overview of the businesses in which Mallinckrodt will operate and of the company's competitive strengths, strategies and risk factors.
Covidien through the distribution of Mallinckrodt shares intends to separate its pharmaceuticals business, which is expected to be tax-free to US shareholders, except for cash received in position with fractional shares.
Covidien chairman, president and CEO José Almeida said the company's filing of the Form 10 Registration Statement is an important decision in its ongoing separation process.
"As two distinct businesses, Covidien and Mallinckrodt will be better positioned to capitalize on significant growth opportunities and provide greater focus on their respective businesses and strategic priorities. We remain on track to complete the spin-off by mid-2013," Almeida added.
