Experienced and Highly Capable Senior Executives to Lead both the Branded Specialty Pharmaceutical and Generics & Sterile Injectables Businesses

Generics & Sterile Injectables Spin-Off to be Called Par Health

DUBLIN and MALVERN, Pa., June 9, 2025 /PRNewswire/ -- Mallinckrodt plc ("Mallinckrodt") and Endo, Inc. (OTCQX: NDOI) ("Endo") today announced the future executive team that will drive the creation of global, scaled, diversified therapeutics leaders in both the branded specialty pharmaceuticals and the generics and sterile injectables (GxSI) businesses.

As announced on March 13, 2025, the proposed merger of Mallinckrodt and Endo envisions creating both a branded specialty pharmaceuticals company and, later, separating the generic pharmaceuticals businesses of the two companies along with Endo's sterile injectable operations, which is currently intended to be implemented through a spin-off of the separated businesses in an independent entity. The merger remains on course to be completed in the second half of this year, subject to approval by shareholders of both companies and customary closing conditions.

Today's announcement details the leadership team that will be assembled from Mallinckrodt and Endo, as well as critical executive functions for which new leaders will be recruited to help lead these businesses into a new era of growth and change.

"As we combine two companies with a rich legacy of innovation, we are building a highly capable and balanced team of proven leaders to help create a promising new future," said Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, who will become President and CEO of the combined company. "The leadership team of our newly combined company, along with the leaders of the GxSI business, will include executives from both Mallinckrodt and Endo who have deep experience and institutional knowledge, as well as new talent that will provide fresh insight and perspective. We are excited to bring together two great companies for the ultimate benefit of the patients we serve, and we thank employees of both companies for their tremendous work and efforts toward closing this merger."

Planned Senior Leadership Team for Merged Company

The following executives will form the core of the senior leadership team of the merged company serving in roles that are the same or essentially similar to the one each currently holds, unless otherwise stated.

   -- Tracy Basso, Chief Human Resources Officer, Endo; 
 
   -- Mark Bradley, Chief Financial Officer, Endo, will serve as Chief 
      Integration Officer; 
 
   -- Lisa French, Chief Commercial Officer, Mallinckrodt; 
 
   -- Henriette Nielsen, Chief Transformation Officer, Mallinckrodt; 
 
   -- Paul O'Neill, Quality & Operations, Specialty Brands, Mallinckrodt; 
 
   -- Cheryl Stouch, Chief Information Officer, Endo; 
 
   -- Mark Tyndall, Chief Legal Officer & Corporate Secretary, Mallinckrodt; 
      and, 
 
   -- Susan Williamson, Chief Compliance Officer, Endo. 

In addition, recruiting efforts are underway for the Chief Financial Officer role and leadership of the Business Development & Strategy, and Research & Development functions for this business.

The merged company, which will focus primarily on branded specialty pharmaceuticals following the GxSI spin-off, will be renamed, with the new name being announced as soon as possible after the close of the merger.

Announcing a New Name and Planned CEO for Generics & Sterile Injectables Business

The Par Health name builds on Par Pharmaceutical's greater than 40-year legacy of quality, growth, and innovation, with an expanded emphasis on its role as a trusted partner in improving patient care. Until the spin-off of the GxSI business occurs sometime after the merger closes, Par Health will operate as a segment of the merged company.

Leading Par Health will be Stephen Welch, who is currently Head of Specialty Generics at Mallinckrodt and who will become President and CEO of the business upon the spin-off. Until that time, Mr. Welch will continue to report to Mr. Olafsson.

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, hepatology, nephrology, pulmonology and ophthalmology; neonatal respiratory critical care therapies; 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.

About Endo

Endo is a diversified pharmaceutical company boldly transforming insights into life-enhancing therapies. Our passionate team members collaborate to develop and deliver these essential medicines. Together, we are committed to helping everyone we serve live their best life. Learn more at www.endo.com or connect with us on LinkedIn.

INVESTOR CONTACT FOR MALLINCKRODT

Bryan Reasons

Executive Vice President and Chief Financial Officer

bryan.reasons@mnk.com

MEDIA CONTACT FOR MALLINCKRODT

Michael Freitag / Aaron Palash / Aura Reinhard / Catherine Simon

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

ENDO CONTACTS

Investor Relations

Juan Avendano

investor.relations@endo.com

Media

Linda Huss

media.relations@endo.com

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information about the Combination and Where to Find It

In connection with the proposed transaction, Mallinckrodt has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form S-4 (as amended and as may be further amended from time to time, the "Registration Statement"), which was declared effective by the SEC on May 8, 2025, that includes a joint proxy statement of Mallinckrodt and Endo and that also constitutes a prospectus of Mallinckrodt ordinary shares. Each of Mallinckrodt and Endo may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or Registration Statement or any other document that Mallinckrodt or Endo may file with the SEC. Mallinckrodt and Endo commenced mailing of the definitive joint proxy statement/prospectus to shareholders of Mallinckrodt and Endo, respectively, on or about May 12, 2025. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Registration Statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about Mallinckrodt, Endo, and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Mallinckrodt will be available free of charge on Mallinckrodt's website at https://ir.mallinckrodt.com. Copies of the documents filed with the SEC by Endo will be available free of charge on Endo's website at https://investor.endo.com.

Participants in the Solicitation of Proxies

Mallinckrodt, Endo, and certain of their respective directors, executive officers, and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Mallinckrodt, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) Mallinckrodt's proxy statement for its 2025 Annual Meeting of Shareholders, which was filed with the SEC on April 03, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001567892/000110465925031453/tm252514-2_def14a.htm), including under the headings "Our Director Nominees", "Corporate Governance", "Board of Directors and Board Committees," "Compensation of Non-Employee Directors," "Compensation of Executive Officers," "Security Ownership and Reporting," "Equity Compensation Plan Information" and "Proposals 1$(A)$ Through 1$(E)$: Election of Directors", (ii) Mallinckrodt's Annual Report on Form 10-K for the fiscal year ended

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