Par Health Completes Spin-Off from Mallinckrodt, Creating an Independent Leader in Generic Pharmaceuticals and Sterile Injectables

Launches as Top 15 U.S. Generic Drug Manufacturer, Largest U.S. Producer of Active Pharmaceutical Ingredients and Premier U.S. Producer of Sterile Injectables

Poised for Long-Term Growth with the Scale, Capabilities and Focus to Meet Global Demand for Essential Medicines

Experienced Leadership Team with Deep Expertise Across Product Development, Manufacturing, Supply Chain, Quality, Compliance and Business Development and Seasoned Board of Directors

ST. LOUIS, Nov. 10, 2025 /PRNewswire/ -- Par Health, Inc. ("Par Health" or the "Company") today announced that it has successfully completed its previously announced spin-off from Mallinckrodt plc ("Mallinckrodt") to create a leading, independent generic pharmaceuticals and sterile injectables company committed to delivering proven medicines in moments of need without compromise.

Par Health is a top 15 U.S. generic medicines manufacturer,¹ the largest U.S. manufacturer of active pharmaceutical ingredients (API) by volume and a leading U.S. producer of sterile injectables. The Company has a robust and expanding portfolio of life-enhancing products relied on by hospitals, health systems, clinics, retail pharmacies, government agencies and the patients they serve. Par Health's APIs and excipients are utilized by customers in more than 70 countries, including global pharmaceutical manufacturers, regional manufacturers of essential medicines and leading consumer health companies. Par Health is supported by extensive commercial and supply chain capabilities and manufacturing infrastructure, including seven facilities in the U.S., additional facilities in India and more than 4,000 global team members.

"We are proud to launch Par Health with the scale, expertise, capabilities and purpose to lead in generics, sterile injectables and APIs," said Stephen Welch, President and CEO. "This is a bold new beginning built on a legacy of excellence and a commitment to delivering high-quality, essential medicines to patients and healthcare providers worldwide. As an independent, private company with a solid financial foundation, disciplined strategy and pure-play focus, we are poised to pursue opportunities that advance our purpose and address the global demand for vital pharmaceutical products. We look forward to creating value for all stakeholders as we deliver on the significant potential of Par Health."

Par Health, which is headquartered in St. Louis, Missouri, is recognized for its industry-leading reputation in quality, compliance, reliability and service. The Company's portfolio comprises approximately 200 products – spanning multiple delivery technologies, formulations and dosage forms – reflecting the combined generics, API and sterile injectable portfolios of Mallinckrodt and Endo, Inc. ("Endo") following their July 2025 merger. Par Health's vertically integrated manufacturing network enables end-to-end control over quality and production speed, providing a strategic advantage in product reliability and regulatory compliance.

Mr. Welch added, "We believe great healthcare is built on getting the essentials right. Across every Par Health facility and function, our people operate with integrity and pride. We prioritize quality and safety, fostering a culture rooted in continuous improvement, accountability and teamwork. Elevating the Essentials isn't just our tagline – it's the higher standard we live by every day."

Par Health's Board of Directors, which includes Mr. Welch, comprises leaders with deep expertise in biopharmaceutical and healthcare operations, commercialization, cross-functional execution, mergers and acquisitions, financial strategy and governance:

• Michael Heffernan, Chair of the Board
• Joshua Murray, Designated Director
• Matthew Stober, Independent Director
• Jonathan Zinman, Independent Director

In addition to Mr. Welch, Par Health's experienced leadership team includes:

• Jack Boyle, Chief Financial Officer
• Andrew Gonce, Chief Operations Officer
• Kass Harrold, Chief Administrative Officer
• Jake Longenecker, Chief Commercial Officer, Generics
• Matthew Maletta, Chief Legal Officer
• Michael (Mick) McGuinness, Chief Quality Officer
• Teresa Sanzottera, Chief Information Officer
• Scott Sims, Chief Commercial Officer, Sterile Injectables
• Jeffrey Wiegers, Chief Transformation Officer

Biographical information on the business experience of the Company's directors and officers may be found at parhealth.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements by Mr. Welch and statements relating to Par Health as an independent company, expectations regarding the spin-off, plans, goals, intentions, strategies, portfolio expansion, product reliability, regulatory compliance, quality control and other statements that refer to future results or that do not relate solely to historical facts. Forward-looking statements are based on management's beliefs, assumptions, expectations, estimates and projections. These statements may be identified by words such as "believes", "anticipates", "plans", "expects", "forecast", "projected", "intends", "will", "may" or similar expressions. Many factors that will determine the Company's future results are beyond its ability to control or predict. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied. Readers should not place undue reliance on forward-looking statements. Important factors that may affect future results include, but are not limited to, our ability to obtain regulatory approval of pipeline products and successfully develop, commercialize and market new products; competitive developments; government regulation of the pharmaceutical industry and the effects of healthcare reform on our business; our ability to sustain sales and profit on products over time; our ability to comply with regulatory requirements at our manufacturing facilities; our dependence on outside manufacturers, third party suppliers and service providers for core aspects of our business; new regulatory action or lawsuits, including those relating to narcotics; our exposure to product liability claims and product recalls; our ability to obtain adequate insurance coverage; our ability to successfully implement our acquisition and in-licensing strategies; regulatory or other limits on the availability of controlled substances, including the active ingredients of some of our products; the availability of third-party reimbursement for our products; the outcome of pending or future litigation or claims by third parties or the government; our dependence on sales to a limited number of large pharmacy chains and wholesale drug distributors for a large portion of our total revenues; significant litigation expenses, including those related to patent claims; failures by suppliers, distributors or collaboration partners to meet their obligations to us; supply chain interruptions; any determination by a regulatory agency that the Company has engaged in inappropriate sales, marketing or promotional activities; our ability to successfully execute our plans and strategies; risks associated with our international operations; our ability to successfully operate as an independent company; risks associated with transitional service agreements and legacy obligations; and other risks and uncertainties described in press releases, investor materials and other information made available to relevant stakeholders. Readers should evaluate any forward-looking statement in light of these important factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

About Par Health
Par Health is a pharmaceutical company focused on Elevating the Essentials™. We develop, manufacture, and deliver high-quality generic medicines, active pharmaceutical ingredients (APIs) and sterile injectable products across a broad range of therapeutic areas, dosage forms and delivery technologies. With a vertically integrated, U.S.-advantaged manufacturing network and over 4,000 global employees, we are committed to reliability, integrity and operational excellence – because we believe great healthcare is built on getting the essentials right. To learn more, please visit parhealth.com and connect with us on LinkedIn.

¹ Source: IQVIA, U.S. Generics Prescription Data, 2024.

Contact

Investors
Communications@parhealth.com

Media
Michael Freitag / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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SOURCE Par Health