KLH49/iStock via Getty Images
- Endo Health Solutions (OTC:ENDPQ) had been hit with more than $1B in criminal fines from the Department of Justice along with $450M in criminal forfeiture related to its distribution of the opioid drug Opana ER (oxymorphone extended-release).
- DoJ noted that in mid-April, Endo pleaded guilty to a misdemeanor count of introducing misbranded drugs into interstate commerce. The agency said that the company conceded that from April 2012 through May 2013, some of its sales reps told doctors Opana ER had abuse deterrence characteristics, and tamper resistance and/or crush resistance, despite a lack of evidence to back uo those claims.
- A DoJ news release stated that while Endo corporate affiliates emerged from bankruptcy on April 23, Endo Health Solutions “will cease to operate in its current form and will not emerge from bankruptcy.”
- Under the bankruptcy plan, the new company will fund voluntary trusts including more than $450M to states, municipal, and Tribal entities to fund programs on ending the opioid crisis.
- Opana ER was pulled from the market in 2017.
More on Endo International
Source link
