S&P MidCap 400 constituent ResMed Inc will replace Mallinckrodt plc in the S&P 500, effective prior to the open of trading on Wednesday, July 26, announced S&P Dow Jones Indices.

All stocks moving to the S&P 500 have total market capitalizations above $10 billion making them more representative of the large-cap market space.

ResMed designs, manufactures, distributes, and markets medical devices and cloud-based software applications. Headquartered in San Diego, Calif, the company will be added to the S&P 500 GICS Health Care Equipment Sub-Industry index.