Covidien Announces Filing of Form 10 Registration Statement in Connection with Planned Spin-Off of Pharmaceuticals Business

  Covidien Announces Filing of Form 10 Registration Statement in Connection
  with Planned Spin-Off of Pharmaceuticals Business

Business Wire

DUBLIN -- February 1, 2013

Covidien plc (NYSE: COV) today announced the initial filing by Mallinckrodt
plc of a Form 10 Registration Statement with the U.S. Securities and Exchange
Commission (SEC) in connection with Covidien’s previously announced plan to
spin off its Pharmaceuticals business.

"The filing of the Form 10 Registration Statement is an important milestone in
our ongoing separation process," said José E. Almeida, Chairman, President and
CEO. "As two distinct businesses, Covidien and Mallinckrodt will be better
positioned to capitalize on significant growth opportunities and provide
greater focus on their respective businesses and strategic priorities. We
remain on track to complete the spin-off by mid-2013."

As previously announced, Covidien intends to spin off its Pharmaceuticals
business through a distribution of Mallinckrodt shares which is expected to be
tax-free to U.S. shareholders, except for cash received in lieu of fractional
shares.

Completion of the transaction is subject to a number of conditions, including
effectiveness of the registration statement filed with the SEC, receipt of a
favorable ruling from the Internal Revenue Service and an opinion from tax
counsel and other customary conditions. The transaction also remains subject
to final approval of the Covidien Board of Directors. Assuming all conditions
are met, the separation is expected to occur at the end of the second calendar
quarter of 2013.

The Form 10 Registration Statement contains important information about
Mallinckrodt and the separation, including an overview of the businesses in
which Mallinckrodt will operate and of the company's competitive strengths,
strategies and risk factors.

A copy of the Form 10 is available at www.sec.gov. Additionally, the Form 10
can be found in the Investor Relations section of Covidien’s website at
http://investor.covidien.com.

ABOUT COVIDIEN

Covidien is a leading global healthcare products company that creates
innovative medical solutions for better patient outcomes and delivers value
through clinical leadership and excellence. Covidien manufactures, distributes
and services a diverse range of industry-leading product lines in three
segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2012
revenue of $11.9 billion, Covidien has 43,000 employees worldwide in 70
countries, and its products are sold in over 140 countries. Please visit
www.covidien.com to learn more about our business.

FORWARD-LOOKING STATEMENTS

Any statements contained in this communication that do not describe historical
facts may constitute forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include, but are not limited to, statements about the separation of
the Pharmaceuticals business from the Company, the terms and the effect of the
transaction (including as to tax consequences) and the conditions to
completion of the transaction. Any forward-looking statements contained herein
are based on our management's current beliefs and expectations, but are
subject to a number of risks, uncertainties and changes in circumstances,
which may cause actual results or Company actions to differ materially from
what is expressed or implied by these statements. The factors that could cause
actual future results to differ materially from current expectations include,
but are not limited to, our ability to effectively introduce and market new
products or keep pace with advances in technology, the reimbursement practices
of a small number of large public and private insurers, cost-containment
efforts of customers, purchasing groups, third-party payors and governmental
organizations, intellectual property rights disputes, complex and costly
regulation, including healthcare fraud and abuse regulations and the Foreign
Corrupt Practices Act, manufacturing or supply chain problems or disruptions,
rising commodity costs, recalls or safety alerts and negative publicity
relating to Covidien or its products, product liability losses and other
litigation liability, divestitures of some of our businesses or product lines,
our ability to execute strategic acquisitions of, investments in or alliances
with other companies and businesses, competition, risks associated with doing
business outside of the United States, foreign currency exchange rates,
environmental remediation costs and unanticipated developments that may
prevent, delay, alter the terms of or otherwise negatively affect the planned
spin-off. These and other factors are identified and described in more detail
in our Annual Report on Form 10-K for the fiscal year ended September 28,
2012, and in subsequent filings with the SEC, as well as the “Risk Factors”
section of the Form 10 Registration Statement. Further, there can be no
assurance as to the timing of the contemplated spin-off, or whether it will be
completed. We disclaim any obligation to update these forward-looking
statements other than as required by law.

Contact:

Covidien
Bruce Farmer, 508-452-4372
Vice President
Public Relations
bruce.farmer@covidien.com
or
Coleman Lannum, CFA, 508-452-4343
Vice President
Investor Relations
cole.lannum@covidien.com
or
Todd Carpenter, 508-452-4363
Senior Director
Investor Relations
todd.carpenter@covidien.com