Mallinckrodt and Endo, drugmakers with a shared history of bankruptcy and U.S. opioid litigation, will merge in a deal valued at nearly $7 billion to boost scale for selling their branded drugs. Endo shareholders will get $80 million in cash and own 49.

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%.

Drugmaker Mallinckrodt struck a deal to buy Endo in an effort to build a diversified pharmaceuticals company with a hefty U.S. footprint.

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 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.

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.

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

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.