Mallinckrodt stock slides 10% after company files suit over Medicaid access [MarketWatch]
Mallinckrodt plc (MNK)
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Source: MarketWatch
UPDATE: Mallinckrodt stock slides 10% premarket after it files suit over Medicaid patient access to Acthar gel Mallinckrodt Plc shares MNK, -11.24% fell 10% in premarket trade Tuesday after the drug company said it has filed suit against the U.S. Department of Health and Human Services (HHS) and Centers for Medicare and Medicaid Services (CMS) to protect Medicaid patient access to its Acthar gel, a treatment a range of illnesses including MS and lupus. The suit "seeks to hold unlawful and set aside the Agency's recent unjustified decision to require that Mallinckrodt change the base date average manufacturer price (AMP) used to calculate Medicaid drug rebates for Acthar(R) Gel (repository corticotropin injection)," the company said in a statement. The CMS decision reverses without explanation a 2012 approval of the calculation of Medicaid rebates for the gel, said Mallinckrodt. "We are disappointed with the action taken by CMS. "With our repeated attempts to engage both HHS and CMS
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