Mallinckrodt Beats Expectations, page-6

My takeaway from MNK report is very much favorable to MSB holders. Will deal be finalized? I say yes. They got cash balance of 259.8 million despite share buybacks, debt reduction and payment for termination of pension plans. In addition to this, cash from sale of business is still to come. They also got 900 million revolver credit facility, which is yet to be drawn. MNK has been put into pressure recently by short sellers in USA comparing it's business model to valeant, citing its low investment in research program as red flag. However, their strategy is to 'acquire to invest' the late stage assets and take through commercial development and return value to shareholders; in my view is a great business model.
They have sold Nuclear Imaging and Intrathecal Therapies businesses and recently acquired stratech corporation- a regenerative medicine company. It reflects their willingness to divest into non core assets and add regenerative medicine in their portfolio. MSB-MNK deal is right fit to their business strategy and by september we could see this being executed.

CEO- "Looking ahead, we are equally focused on adding both commercial and late-stage assets through business development to enhance and further diversify our portfolio".