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Distressed pharma bonds mixed; Mallinckrodt up; Endo flat to higher; Lannett soft
By Cristal Cody
Tupelo, Miss., March 3 – Bonds from distressed pharmaceutical manufacturers saw mixed activity on Thursday following the announcement of a new settlement with Purdue Pharma owners to resolve opioid-related claims.
Mallinckrodt plc’s bonds were not seen in the secondary market during the session as the company prepares to exit Chapter 11 bankruptcy.
The company’s 4¾% senior notes due 2023 were last seen trading on Wednesday 2 points better at 40½ bid, a source said.
Endo International plc’s notes traded flat to about 1¼ points better by the day’s close.
Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC-) improved about 1¼ points to 64 bid on Thursday, a source said.
Endo’s 9½% senior secured notes due 2027 (Caa2/CCC+) were mostly unchanged at the 96 bid range over the day.
Lannett Co., Inc.’s 7¾% senior secured notes due 2026 (B3/B-) were quoted 2¼ points softer this week.
The issue traded at 50½ bid to 50¼ bid in light volume Thursday, a source said.
The bonds have dropped from the 78 bid range a month ago.
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