---
schema_version: "secwatch.filing_event.v1"
accession: "0001567892-24-000045"
form_type: "8-K"
ticker: null
cik: "0001567892"
company_name: "Keenova Therapeutics plc"
filed_at: "2024-12-05T23:59:59+00:00"
generated_at: "2026-05-29T07:15:24.845426+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Mallinckrodt completes Therakos sale, uses $887.6M net proceeds to cut net debt >60%

## Summary
- Closed Therakos divestiture for $925M base; net cash $887.6M after working capital adjustments.
- Mandatory debt prepayment on Dec 6: ~$474.1M term loans ($36.4M makewhole) and ~$301.4M notes ($27.3M makewhole).
- Total principal reduction ~$775.5M; net debt expected to fall more than 60%.
- Board adopted Second A&R Transaction Incentive Plan; bonus pool capped at 3% of transaction proceeds.
- PSU award agreements amended to convert to time-vested upon a Qualifying Significant Event.

## SEC filing metadata
- accession: 0001567892-24-000045
- form_type: 8-K
- cik: 0001567892
- company_name: Keenova Therapeutics plc
- filed_at: 2024-12-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 2.04, 1.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1567892/000156789224000045/0001567892-24-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1567892/000156789224000045/mnk-20241129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001567892-24-000045
- JSON: https://secwatch.observer/filing/0001567892-24-000045.json
- Plain text: https://secwatch.observer/filing/0001567892-24-000045.txt

## Key facts
- M&A Transactions
  Keenova Therapeutics plc completed a disposition involving CVC Capital Partners Fund IX (affiliates Solaris Bidco Limited, Solaris IPCo Limited, Solaris US BidCo, LLC) for $925.0 million (closed 2024-11-29).
  - Action: disposition
  - Counterparty: CVC Capital Partners Fund IX (affiliates Solaris Bidco Limited, Solaris IPCo Limited, Solaris US BidCo, LLC)
  - Consideration: $925.0 million
  - Closing: 2024-11-29
  source text: to the conditions set forth in the Agreement, Purchasers agreed to acquire the Therakos Business from the Company (the “Therakos Transaction”) for a base purchase price of $925.0 million, subject to customary adjustments. On November 29, 2024, the Company completed the sale of the Therakos Business for total cash consideration of $887.6 million, which amount is
  evidence_url: https://www.sec.gov/Archives/edgar/data/1567892/000156789224000045/0001567892-24-000045-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.