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

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Amy Harder, author of Generate
5 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."