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.

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. Mallinckrodt shareholders will have a stake of slightly more than 50%.

Mallinckrodt and Endo are merging in a cash and stock deal worth some $6.7 billion, the companies said Thursday. Under the agreement, Endo shareholders are slated to receive a total of $80 million in cash and own 49.9% of the combined company, while Mallinckrodt shareholders will have a 50.1% piece of the pie.