EX-99.2

Mallinckrodt

Strategic Agreement

Ikaria, Inc.

March 5, 2015

Exhibit 99.2

Forward-Looking Statements

3/5/2015

Statements in this document that are not strictly historical, including statements regarding, the proposed acquisition of Ikaria,

Inc., the expected timetable for completing the transaction, future financial condition and operating results, economic, business,

competitive and/or regulatory factors affecting Mallinckrodt’s and Ikaria’s businesses and any other statements regarding events

or developments that we believe or anticipate will or may occur in the future, may be "forward-looking" statements within the

meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. There are a

number of important factors that could cause actual events to differ materially from those suggested or indicated by such

forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors

include risks and uncertainties related to, among other things:

General economic conditions and conditions affecting the industries in which Mallinckrodt and Ikaria operate;

The commercial success of Mallinckrodt’s products and of INOMAX®;

The parties’ ability to satisfy the acquisition agreement conditions (including required regulatory approvals) and complete the

Ikaria acquisitions on the anticipated timeline or at all;

Mallinckrodt’s ability to realize anticipated growth, synergies and costs savings from its recently completed acquisitions and

the Ikaria acquisition;

Changes in laws and regulations;

Mallinckrodt’s ability to identify, acquire or close future acquisitions;

Mallinckrodt’s ability to successfully integrate acquisitions of operations, technology, products and businesses generally and

to realize anticipated growth, synergies and cost savings (including with respect to the Ikaria acquisition);

Mallinckrodt’s ability to successfully develop or commercialize new products;

Mallinckrodt’s ability to protect intellectual property rights;

Mallinckrodt’s ability to receive procurement and production quotas granted by the U.S. Drug Enforcement Administration;

Customer concentration;

Forward-Looking Statements (continued)

3/5/2015

Mallinckrodt’s reliance on certain individual products that are material to its financial performance;

Cost containment efforts of customers, purchasing groups, third-party payers and governmental organizations;

The reimbursement practices of a small number of public or private insurers;

Limited

clinical

trial

data

for

H.P.

Acthar

Gel;

Complex reporting and payment obligations under healthcare rebate programs;

Mallinckrodt’s ability to achieve anticipated benefits of price increases;

Mallinckrodt’s ability to achieve expected benefits from restructuring activities;

Complex manufacturing processes;

Competition;

Product liability losses and other litigation liability;

Ongoing governmental investigations;

Material health, safety and environmental liabilities;

Retention of key personnel;

Conducting business internationally; and

The effectiveness of information technology infrastructure.

These and other factors are identified and described in more detail in the "Risk Factors" section of Mallinckrodt's Annual Report

on Form 10-K for the fiscal year ended September 26, 2014. The forward-looking statements made herein speak only as of the

date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a

result of new information, future events and developments or otherwise, except as required by law.

Diversifies portfolio with durable, high-value, branded asset

Builds

reputation,

reach

and

impact

Mallinckrodt

and

INOmax

(Inhaled Nitric Oxide) in hospitals:

Extends footprint to respiratory therapies in NICUs

Increases value for clinicians, hospitals with comprehensive drug-

device-service platform

$2.3 billion agreement to fully acquire Ikaria, Inc.

Mallinckrodt expands hospital platform with Ikaria, Inc.

3/5/2015

INOmax is a registered trademark of INO Therapeutics LLC.

Neonatal Intensive Care Unit

Adds potential diversity in nephrology rare

disease pipeline with terlipressin (for injection)

Builds upon Mallinckrodt expertise in drug-

device development, regulatory management

and manufacturing to support future

development

Transaction highlights

3/5/2015

Consideration

Acquisition of Ikaria, Inc. for approximately $2.3 billion

Financial

Impact

Transaction expected to add at least $150 million in net sales

and be accretive to Mallinckrodt’s fiscal year 2015 adjusted

diluted

earnings

per

least

$0.25

per

Structure

All cash

Financing

Financing expected to include cash on hand, use of

Mallinckrodt’s $250 million revolver and debt

Timing

Closing expected early third fiscal quarter, subject to customary

closing conditions

Assuming close early in fiscal year 2015 third quarter

Innovative, integrated drug/device/service

offerings to support critically ill infants in NICUs

Steady growth driven by U.S. market

Calendar year revenue

Ikaria,

Inc.

–

growth

opportunity

hospital

critical

care

3/5/2015

Global Revenue

INOmax/INOmax

the

only

FDA-approved

treatment

for

neonates born at or near term suffering from hypoxic respiratory

failure (HRF) due to persistent pulmonary hypertension

Only FDA-inspected U.S. nitric oxide drug manufacturing facility

Delivery systems validated with 79 commonly used ICU ventilatory

devices

Multi-year contracts and

TotalCare

™

service foster

deep relationships in ICUs

COG

Integrated INOmax drug/device/service package

is core to success

3/5/2015

5 regional

service centers

5 regional

service centers

INOmax drug

INOmax delivery

system

Regular preventative

service & maintenance

(QA/QC)

Extensive distribution,

including emergency

shipments

24/7/365 technical &

medical support

Customer

Care

Customer

Care

Ongoing

physician/clinician

training

Highly

Satisfied

Customer

Mallinckrodt has commercial reach and scale necessary to expand access and

realize the full value of INOmax in the marketplace

Transaction continues to deliver on strategy, builds value

3/5/2015

Value

creation

Immediately accretive to fiscal year 2015

Diversifies

Mallinckrodt

revenue

and

operating

income

with

sustainable, growing, highly profitable business

Portfolio fit

Adds innovative, difficult-to-replicate asset to Mallinckrodt portfolio

Extends hospital presence; establishes presence in NICU

Builds potential in Mallinckrodt’s autoimmune and rare disease

nephrology pipeline with terlipressin (for injection)

Value for

INOmax

Builds brand recognition beyond the ICU

Broadens access

Supports drug/device innovation with Mallinckrodt development and

regulatory expertise