Ireland-based pharma company Keenova Therapeutics has finalised the spinout of its generic and sterile injectables unit Par Health, completing the restructuring that began after its merger with US-based Endo earlier this year. The $6.7 billion (€5.76 billion) merger followed both companies’ bankruptcy filings linked to US opioid litigation.

Keenova now retains the branded medicines business of Mallinckrodt and Endo, employing approximately 1,600 staff with pro forma 2024 sales of $1.7 billion (€1.46 billion). Its core products include Acthar Gel for inflammatory and autoimmune conditions, Xiaflex for Dupuytren’s contracture and Peyronie’s disease, and Terlivaz (terlipressin) for hepatorenal syndrome.

The company plans to broaden its pipeline in rheumatology, ophthalmology, nephrology, pulmonology, neurology, urology, and orthopaedics. CEO Siggi Olafsson, who also leads the merged company, confirmed the rebranding positions Keenova with “a new identity and a new future,” while keeping its domicile in Dublin.

Keenova intends to list ordinary shares on the New York Stock Exchange in 2026 through a public offering. The Mallinckrodt-Endo generics and sterile injectables spun off into Par Health recorded quarterly sales of $337 million (€289.8 million), ranking it among the top 15 US generic medicines producers. Par, headquartered in St Louis, Missouri, employs around 4,000 and is the largest US manufacturer of active pharmaceutical ingredients by volume.

The restructuring marks a strategic shift for both companies, moving from bankruptcy settlements related to the opioid crisis toward diversified specialty pharma operations, emphasising branded medicines and pipeline growth. In the third quarter of 2025, combined net sales—including two months of Endo contributions—reached $753 million (€647.6 million), a 49% increase on the previous year.

Read the full report for detailed insights on Keenova’s spinout strategy and market positioning.