Mallinckrodt (MNKTQ) 8-K Mallinckrodt Pharmaceuticals to Expand Hospital Growth

Mallinckrodt Strategic

Acquisition

Therakos, Inc.

August 10, 2015

Exhibit 99.2

1

Forward-Looking Statements

Statements in this document that are not strictly historical, including statements regarding, the proposed acquisition of Therakos,

Inc., the expected timetable for completing the transaction, future financial condition and operating results, economic, business,

competitive

and/or

regulatory

factors

affecting

Mallinckrodt’s

and

Therakos’

businesses

and

any

other

statements

regarding

events

or developments that we believe or anticipate will or may occur in the future, may be "forward-looking" statements within the

meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. There are a

number

of

important

factors

that

could

cause

actual

events

to

differ

materially

from

those

suggested

or

indicated

by

such

forward-

looking

statements

and

you

should

not

place

undue

reliance

on

any

such

forward-looking

statements.

These

factors

include

risks

and uncertainties related to, among other things:

General

economic

conditions

and

conditions

affecting

the

industries

in

which

Mallinckrodt

and

Therakos

operate;

The

commercial

success

of

Mallinckrodt’s

products

and

of

Therakos’

photopheresis

platforms;

The

parties’

ability

to

satisfy

the

acquisition

agreement

conditions

(including

required

regulatory

approvals)

and

complete

the

Therakos

acquisition on the anticipated timeline or at all;

Mallinckrodt’s

ability

to

realize

anticipated

growth,

synergies

and

cost

savings

from

its

recently

completed

acquisitions

and

the

Therakos

acquisition;

Changes in laws and regulations;

Mallinckrodt’s ability to identify, acquire or close future acquisitions;

Mallinckrodt’s

ability

to

successfully

integrate

acquisitions

of

operations,

technology,

products

and

businesses

generally

and

to realize

anticipated

growth,

synergies

and

cost

savings

(including

with

respect

to

the

Therakos

acquisition);

Mallinckrodt’s ability to successfully develop or commercialize new products;

Mallinckrodt’s ability to protect intellectual property rights;

Mallinckrodt’s ability to receive procurement and production quotas granted by the U.S. Drug Enforcement Administration;

Customer concentration;

8/10/15

2

Forward-Looking Statements (continued)

Mallinckrodt’s reliance on certain individual products that are material to its financial performance;

Cost containment efforts of customers, purchasing groups, third-party payers and governmental organizations;

The reimbursement practices of a small number of public or private insurers;

Limited

clinical

trial

data

for

H.P.

Acthar

®

Gel;

Complex reporting and payment obligations under healthcare rebate programs;

Mallinckrodt’s ability to achieve anticipated benefits of price increases;

Mallinckrodt��s ability to achieve expected benefits from restructuring activities;

Complex manufacturing processes;

Competition;

Product liability losses and other litigation liability;

Ongoing governmental investigations;

Material health, safety and environmental liabilities;

Retention of key personnel;

Conducting business internationally; and

The effectiveness of information technology infrastructure.

These

and

other

factors

are

identified

and

described

in

more

detail

in

the

"Risk

Factors"

section

of

Mallinckrodt's

Annual

Report

on

Form 10-K for the fiscal year ended September 26, 2014 and Quarterly Reports on Form 10-Q for the quarters ended March 27,

2015

and

June

26,

2015.

The

forward-looking

statements

made

herein

speak

only

as

of

the

date

hereof

and

Mallinckrodt

does

not

assume

any

obligation

to

update

or

revise

any

forward-looking

statement,

whether

as

a

result

of

new

information,

future

events

and

developments or otherwise, except as required by law.

8/10/15

3

Mallinckrodt to acquire Therakos, Inc. for $1.325B 

Therakos

adds value to Mallinckrodt

Advances Mallinckrodt’s growth strategy

Increases depth in Specialty Brands; further diversifies Hospital portfolio

ECP

1,2

immunotherapy treatment used in cancer, transplant, GvHD

, Crohn’s disease, delivered in

hospital-based outpatient clinics

Durable,

high-value,

integrated

drug-device

system;

commercial

model

similar

to

INOMAX

®

800+ devices in 350+ hospitals, major medical centers in 25+ countries 

Widely

reimbursed

globally;

under

DRG

4

in

US

Mallinckrodt adds value to Therakos

Leverages INOMAX model and footprint to 

potentially expand accounts, broaden patient access

Provides clinical support to expand label and seeks

FDA approval for ECP applications used globally

Leverages Mallinckrodt’s ability to manage 

complex products and businesses

1

ECP: Extra Corporeal Photopheresis

2

Therakos ECP system is approved by U.S. Food and Drug Administration (FDA) for cutaneous T-Cell lymphoma  (CTCL); broad ECP approval in Europe    

3

GvHD: Graft v Host Disease   

4

DRG: Diagnosis Related Group

8/10/15

3

4

Transaction highlights

Acquisition of Therakos

for approximately $1.325 billion

Acquisition of Therakos

for approximately $1.325 billion

Expected to be accretive by no less than $0.10 per share to

adjusted diluted fiscal 2016 earnings and increasingly accretive

thereafter

With roughly 60% of revenue in U.S., we expect fiscal 2015 net

sales of $185-$195 million, and anticipate high single-digit

growth off that base going forward, driven primarily by the U.S.

Long term net sales potential >$500 million annually with gross

profit as percent of sales above current company average

Significant synergies

Expected to be accretive by no less than $0.10 per share to

adjusted diluted fiscal 2016 earnings and increasingly accretive

thereafter

With roughly 60% of revenue in U.S., we expect fiscal 2015 net

sales of $185-$195 million, and anticipate high single-digit

growth off that base going forward, driven primarily by the U.S.

Long term net sales potential >$500 million annually with gross

profit as percent of sales above current company average

Significant synergies

Financing expected to include cash on hand and debt

Financing expected to include cash on hand and debt

Consideration

Consideration

Therakos

Financial

Impact

Therakos

Financial

Impact

Financing

Financing

Timing

Timing

Close expected late fiscal 2015, subject to customary conditions

Close expected late fiscal 2015, subject to customary conditions

1

Assumes close by end of fiscal 2015

8/10/15

1

Used

globally

in

T-cell

mediated

diseases

–

CTCL

1

,

GvHD,

solid

organ transplant, Crohn’s disease

ECP consists of three steps:

Exposed

to

UVA

light

UVADEX

(methoxsalen)

sterile solution used to

treat white blood cells

Blood separated;

red blood cells and 

plasma returned

Instrument draws

blood from patient

Photoactivated

white blood

cells returned to the patient

1

Cutaneous T Cell Lymphoma (CTCL) is the only FDA-approved indication; all other U.S. uses are not promoted

2

Ultraviolet-A

8/10/15

Razor/Razor Blade Model

•

Average 25-40 treatments/year per patient

•

One vial of UVADEX

®

and

one sterile kit per treatment

•

Over 120,000 treatments globally in 2014

3

1

2

UVA

2

5

2014 Net Sales = $174 million

Global franchise driven by U.S. growth

ROW

Europe

North

America

35%

3%

62%

Source: Therakos materials and management estimates

8/10/15

Widely trusted treatment:

Broad global label

10+ years clinical experience

Broadly reimbursed:

U.S. DRG

Stable reimbursement ex-U.S.

Strong competitive position:

Large installed base

300+ patents, with 60 in U.S. Orange

Book

Financially attractive:

Capital efficient

Fully outsourced manufacturing and

distribution model

6

7

Low current penetration, large market potential

1

Current global treated patients includes promoted and not promoted indications

2

Eligible patients represent patients appropriate for CTCL, GvHD and Solid Organ Transplant

3

Therakos ECP is FDA-approved for the palliative treatment of the skin manifestations of CTCL, that is unresponsive to other forms of treatment

4

Illustration not to scale

Source: Therakos materials and management estimates

8/10/15

Total Global Eligible ECP

Patient Population

~23,000

~3,000

Treated

Eligible

ECP

Treated

(~400)

Refractory

Patients

(~2,400)

CTCL U.S. Patient Population

4

CTCL

Prevalence

(~20,000)

2

1

3

8

Significant label expansion opportunity supported

by 10+ years of safety data

U.S./

LatAm

EU/

AUS

U.S.

Canada

Japan

Phase 2

Indication(s)

Pivotal

Phase 1

Approved

Photopheresis

Administration

CTCL

Scleroderma

Chronic GvHD¹

Chronic GvHD

Other Indications

(e.g., Cystic Fibrosis,

Peripheral TCL)

Acute GvHD¹

¹Accelerated regulatory pathways

Preclinical

8/10/15

8

9

Mallinckrodt is the best owner of Therakos

Significant opportunity to maximize synergy

Accretive, profitable business

Growing revenue and cash flow

Mallinckrodt is experienced in managing complex businesses

Integrated drug-device with complex account management

Leverages INOMAX customer service center of excellence

Opportunity to leverage hospital channel to grow installed base, targeting

rare diseases and conditions

Only FDA-approved closed ECP system

Highly durable asset with opportunity for near-term expansion

Large, established base, 800+ devices, 350+ hospitals, 25+ countries

Broad global reimbursement

1

FDA-approved for the palliative treatment of the skin manifestations of CTCL that is unresponsive to other forms of treatment.

8/10/15

Differentiated

product

expands 

existing

franchises

Strong   

strategic fit

Multiple levers

for financial

value creation

9

1

10

Therakos continues Mallinckrodt’s development of a

diversified, durable, high-value portfolio

•

Expand system placement, kit/drug volume

•

Label expansion

•

Clinical, HEOR

data generation/dissemination

•

Select ANDA

and formulation

technology development

+ Value creating business development

+ Value creating business development

•

High single-digit revenue

growth

•

>$500 million net sales

annually over time

•

Maximize cash generation

Key Value Drivers

Performance Objective

•

Label expansion

•

Enhance patient penetration

•

Contracting, 24/7 customer intimacy

•

Mid-single digit revenue

growth

•

Clinical, HEOR data generation/dissemination

•

Patient penetration in on-label indications

•

Payer engagement at policy level

•

Mid-single to low-double

digit revenue growth

•

Expanded formulary access

•

Increased procedure penetration

•

Clinical, HEOR data generation/dissemination

•

>$500mm peak annual

revenue

8/10/15

¹HEOR: Healthcare Economic Outcomes Research

2

ANDA: Abbreviated New Drug Application

1

2