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

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 Chief Executive Siggi Olafsson said the companies' operations and products complement each other.