It looks like the spin-off is gonna happen beginning of May.
The company refrained from providing any guidance for 2013 until the spin-off of the Pharmaceutical unit is complete. It will announce guidance, excluding Pharma, after the market closes on May 3. The company will also provide a separate fiscal 2013 guidance for Mallinckrodt plc on that date.
Word is investors are jittery about any weakness in Mallinckrodt as a stand alone Co.
So they're selling now so they don't get stuck with the pharma and then buy back in after the spin-off.