Mallinckrodt Announces Plans to Update Its Incentive Compensation Clawback Policy and Create Opioid Report

-- Actions taken in response to approval of shareholder proposals presented at the Company's 2019 Annual General Meeting--

News provided by

Mallinckrodt plc

Dec 10, 2019, 06:45 ET

STAINES-UPON-THAMES, United Kingdom, Dec. 10, 2019 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a global biopharmaceutical company, today announced plans to update Mallinckrodt's Incentive Compensation Clawback Policy and to develop and publish a report on the Board's oversight of risks related to the opioid crisis in the U.S. These actions are in response to the approval of related shareholder proposals presented at the Company's 2019 Annual General Meeting held on May 15, 2019.

The Company's Incentive Compensation Clawback Policy will be updated to include a provision requiring the Company to annually disclose the recoupment of any incentive compensation from senior executives undertaken in the previous fiscal year. A summary of these changes will be disclosed in the Company's proxy statement to be filed next year in conjunction with the 2020 Annual General Meeting.

In addition, the Board will create and publish a report by March 31, 2020 describing its approach to oversight of opioid-related matters. Mallinckrodt remains dedicated to providing safe and effective medications for the treatment of patients with pain and is equally committed to working with policymakers, law enforcement and industry to address the complex issues of opioid addiction and abuse. For more information on our work to address prescription drug abuse and misuse, please see www.mnk.com/solutions.

ABOUT MALLINCKRODT
Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt, visit www.mallinckrodt.com.

Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission (SEC) disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.

CONTACTS

For Financial/Dailies Media Inquiries
Daniel Yunger
Kekst CNC 212-521-4879
[email protected]

Investor Relations
Daniel J. Speciale, CPA
Vice President, Investor Relations and IRO
314-654-3638
[email protected]

Mallinckrodt, the "M" brand mark and the Mallinckrodt Pharmaceuticals logo are trademarks of a Mallinckrodt company. Other brands are trademarks of a Mallinckrodt company or their respective owners. ©2019 Mallinckrodt. US-1901951 11/19

SOURCE Mallinckrodt plc