Key products include Acthar Gel for inflammatory/autoimmune conditions and XIAFLEX for Dupuytren's contracture and Peyronie's disease. Keenova intends to pursue a NYSE listing in 2026.
Cyborg Score Rationale
Company emerged from bankruptcy restructuring in 2023 and completed a transformational merger and spin-off, establishing clear strategic focus on branded therapeutics. However, extremely depressed market capitalization and recent capital structure constraints indicate investor concerns regarding execution and market positioning.
Top Insights
November 2025: Completed Par Health spin-off, transforming from diversified generics-branded company to pure-play rare disease specialist
February 2026: Presented Phase 2 extension data on collagenase for plantar fibromatosis with Phase 3 trial expected to deliver topline results mid-2026
Recent focus on terlipressin (TERLIVAZ), first FDA-approved therapy for hepatorenal syndrome kidney function improvement
Market cap severely depressed at $4.5M (Jan 2026) despite $1.7B revenue, suggesting significant market skepticism or delisting risk
Named Competitors
Soliris/Ultomiris — Complement inhibitors for autoimmune conditions
Tepezza — IGF-1 receptor inhibitor for thyroid eye disease
Various Orphan Drugs — Rare metabolic and genetic disease treatments
Recent Developments
(February 2026) Presented Phase 2 plantar fibromatosis data at ACFAS Annual Meeting; Phase 3 results expected mid-2026
(November 2025) Completed Par Health spin-off and rebranded as Keenova Therapeutics
(August 2025) Completed merger with Endo, Inc. to create scaled diversified therapeutics leader
Open the full interactive Keenova Therapeutics (formerly Mallinckrodt Pharmaceuticals) report
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