Aug 6, 2019 - Health

Mallinckrodt suspends spinoff of specialty generics unit due to opioid litigation

Illustration: Aïda Amer/Axios

Mallinckrodt said Tuesday morning that it will suspend the planned spin-off of its specialty generics unit, which primarily makes opioid drugs, due to ongoing litigation.

Why it matters: It reflects how those who (allegedly) contributed to a public health crisis are now facing a public markets crisis.

The bottom line: "Mallinckrodt shares have fallen 60% this year on concern about the company’s possible exposure to litigation over the U.S. opioid crisis. ... Berenberg analyst Patrick Trucchio has estimated that generic-drug makers may be responsible for 30% of opioid-related liabilities, with Mallinckrodt facing a potential hit of as much as $6.4 billion." ⁠— John Lauerman, Bloomberg

Go deeper: Watch: The future of pain management

Go deeper

Axios

Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

Global: Total confirmed cases as of 5:30 p.m. ET: 19,952,057 — Total deaths: 732,689 — Total recoveries — 12,150,698 — Map.
U.S.: Total confirmed cases as of 5:30 p.m. ET: 5,074,059 — Total deaths: 163,275 — Total recoveries: 1,656,864 — Total tests: 61,792,571 — Map.
Politics: House will not hold votes until Sept. 14 unless stimulus deal is reached.
Business: Richer Americans are more comfortable eating out.
Public health: A dual coronavirus and flu threat is set to deliver a winter from hell — At least 48 local public health leaders have quit or been fired during pandemic.
Sports: The cost of kids losing gym class — College football is on the brink.
World: Europe's CDC recommends new restrictions amid "true resurgence in cases."

Go deeper (<1 min. read)

Orion Rummler

Updated 38 mins ago - Health

5 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Five states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project and state health departments. Only one state — North Dakota — surpassed a record set the previous week.

Why it matters: This is the lowest number of states to see dramatic single-day increases since Axios began tracking weekly highs in June, and marks a continued decrease from late July.

Go deeper (1 min. read)

Kia Kokalitcheva

48 mins ago - Economy & Business

California judge orders Uber, Lyft to reclassify drivers as employees

Photo: ROBYN BECK/AFP via Getty Images

Uber and Lyft must reclassify their California drivers as employees under a preliminary injunction granted Monday by a San Francisco judge.

Why it matters: The ride-hailing companies, along with other gig economy firms, are resisting classifying their drivers as employees, which labor advocates say would give the workers greater benefits and rights. A new California law codified stricter requirements before companies can classify workers as contractors.