Mallinckrodt and Endo, drugmakers which recently emerged from bankruptcy after a wave of U.S. opioid lawsuits, announced plans Thursday to join forces in a deal valued at $6.7 billion. Mallinckrodt Chief Executive Siggi Olafsson said the companies' operations and products complement each other.

Dublin-headquartered Mallinckrodt is taking over smaller rival Endo and planning to list the combined firm on the New York Stock Exchange, the two drugmakers said Thursday.

As per the Thursday release, Endo will be folded into Mallinckrodt, which will then continue as the holding entity for the combined companies. Post-merger, the company will be listed on the New York Stock Exchange and is projected to generate around $3.6 billion in revenue this year.

Mallinckrodt and Endo are exploring a potential merger that could be valued at about $7 billion, person familiar with the matter told Reuters on Wednesday.

Endo shareholders will get $80 million in cash and own 49.9 per cent of the combined company, while Mallinckrodt shareholders will own the rest for an enterprise value of $6.7 billion

Mallinckrodt Pharmaceuticals and Endo Inc. are exploring a potential merger that could be valued at about $7 billion, people with knowledge of the matter said.

When the deal closes, Endo will become a wholly owned subsidiary of Mallinckrodt. The combined company will take on a yet-to-be-determined name and is expected to trade on the New

Ireland’s Mallinckrodt will buy U.S. drugmaker Endo in a cash-and-stock deal valued at $6.7 billion. The companies said Thursday that Endo shareholders will receive a total of $80 million in cash and own nearly 50% of the combined company.