Mallinckrodt Sells Therakos Unit for $925 Million as Lilly, Novo Nordisk, and BioNTech Shake Up Health Industry

Mallinckrodt is selling its Therakos unit to CVC Capital Partners for $925 million to reduce its debt. Eli Lilly and Novo Nordisk are competing in the weight-loss drug market in the U.S., while BioNTech is shifting to cancer treatments after facing significant losses. Neuralink has implanted its brain chip in a second trial patient.

Drugmaker Mallinckrodt has announced the sale of its Therakos business to CVC Capital Partners for $925 million. The Dublin-based company plans to use the proceeds to cut its debt by over 50%. They acquired Therakos in 2015 for $1.33 billion.

Eli Lilly's weight-loss drug Zepbound is gaining traction in the U.S., challenging Novo Nordisk's Wegovy. According to IQVIA data, Zepbound has captured a 40% market share with 130,000 prescriptions for the week ending July 19, compared to 200,000 for Wegovy.

Tenet Healthcare is divesting its majority ownership in Brookwood Baptist Health in Birmingham, Alabama, to Orlando Health for $910 million. The sale includes five hospitals, physician practices, and other operations.

BioNTech has shifted focus towards cancer treatments after reporting a second-quarter net loss of 807.8 million euros ($885 million), a fourfold increase from a year earlier. The decline in COVID-19 vaccine sales prompted this strategic pivot.

Neuralink, owned by Elon Musk, has successfully implanted its device in a second trial patient. The brain chip aims to enable paralyzed individuals to interact with digital devices using only their thoughts.

(With inputs from agencies.)