Endo Settles Opioid Investigation with State of Oklahoma for $8.75 million
DUBLIN, Jan. 10, 2020 /PRNewswire/ -- Endo International plc (NASDAQ: ENDP) today announced that its subsidiaries Endo Pharmaceuticals Inc. and Par Pharmaceutical, Inc. (collectively, the "Settling Parties") have executed a Settlement Agreement with the State of Oklahoma ("Oklahoma"). The Settlement Agreement fully and finally resolves Oklahoma's investigation of the Settling Parties in connection with the opioid abuse crisis in Oklahoma and includes a release of all associated claims by Oklahoma to the Settling Parties and all of their affiliated entities and persons (collectively, the "Endo Affiliates"). In connection with the Settlement Agreement, Endo Pharmaceuticals Inc. has agreed to pay $8.75 million to Oklahoma. The Settlement Agreement includes no admission of wrongdoing, fault or liability of any kind by the Endo Affiliates. The amount paid in connection with the Settlement Agreement is a fraction of the settlement and judgment amounts associated with other opioid manufacturers in Oklahoma to date and is the result of direct engagement among Oklahoma Attorney General Mike Hunter, his staff and counsel, and the Company's senior leadership.
"Endo is very pleased to have reached a resolution with Oklahoma for $8.75 million through Attorney General Hunter and we appreciate his collaboration and careful consideration of a number of issues," said Matthew J. Maletta, Endo's Executive Vice President and Chief Legal Officer. "We believe this settlement reflects the fact that Endo was one of the first pharmaceutical manufacturers to voluntarily cease promotion of all opioid medications, along with voluntarily withdrawing one of its leading branded opioid medications from the market in 2017 and terminating all research and development of new opioid medications. We also believe that Endo's cooperation and role in manufacturing a broad range of non-opioid pharmaceutical products, including safe and affordable generic medications and lifesaving sterile injectable medications, were important factors in concluding this settlement."
Mr. Maletta continued, "As was the case with the Cuyahoga County (Ohio) and Summit County (Ohio) settlements executed by the Company in September 2019, the value of the Oklahoma settlement announced today should not be extrapolated to any other opioid-related cases or claims."
About Endo International plc
Endo International plc (NASDAQ: ENDP) is a highly focused generics and specialty branded pharmaceutical company delivering quality medicines to patients in need through excellence in development, manufacturing and commercialization. Endo has global headquarters in Dublin, Ireland, and U.S. headquarters in Malvern, PA. Learn more at www.endo.com.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation including, but not limited to, the statements by Mr. Maletta and other statements relating to the terms of the potential settlement and its expected impact on the ongoing lawsuits against the Company. The statements with respect to the settlement in principle are forward-looking statements based on the Company's current expectations of the definitive settlement documentation's final terms. Accordingly, the terms of the definitive settlement, as well as the Company's ability to negotiate definitive documentation for the settlement, may change, possibly materially, from what is currently expected. Other statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are also forward-looking statements. All forward-looking statements in this press release reflect Endo's current analysis of existing information and represent Endo's judgment only as of the date of this press release. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results, including the outcome of litigation, could vary materially from Endo's expectations. Risks and uncertainties include, among other things, general industry and market conditions; technological advances and patents attained by competitors; challenges inherent in the research and development and regulatory processes, including regulatory decisions, product recalls, withdrawals and other unusual items; challenges related to product marketing, such as the unpredictability of market acceptance for new products and/or the acceptance of new indications for such products; inconsistency of treatment results among patients; potential difficulties in manufacturing; the timing and outcome of litigation, settlement discussions or other proceedings; general economic conditions; and governmental laws and regulations affecting domestic and foreign operations. Endo expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. Additional information concerning these and other risk factors can be found in Endo's periodic reports filed with the U.S. Securities and Exchange Commission and in Canada on the System for Electronic Data Analysis and Retrieval ("SEDAR"), including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K.
SOURCE Endo International plc
Company Codes: NASDAQ-NMS:ENDP