Shares of Mallinckrodt PLC MNK, -4.22% were up 0.5% in premarket trade Thursday after the company announced it was planning to spin off its generics business to its shareholders. The spin-off, which is projected to be completed in the second half of 2019, will result in two publicly traded companies, Mallinckrodt said: a generics-focused company that will assume the Mallinkrodt name and ticker, and a second company that will focus on specialty pharmaceutical brands and will be renamed at a later date. The newly spun-off company will be led by Mark Trudeau, the Mallinckrodt’s current president and CEO. The remaining business will be helmed by current CFO Matthew Harbaugh. Shares of Mallinkrodt have gained 2.6% in the year to date, while the S&P 500 SPX, -3.24% has gained 1%.

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