Legal
Purdue Pharmaceuticals has reached a tentative settlement in thousands of opioid cases that could cost the company about $12 billion, but some litigation against the firm is expected to continue over its role in the opioid crisis.
Purdue Pharma may file for bankruptcy this week after negotiations over a multi-billion opioid claims settlement have stalled, multiple sources are reporting.
Nearly one year after charges were filed against former Genentech employees accused of stealing trade secrets to benefit JHL Biotech, the two companies have come to an agreement over the ill-gotten intellectual property – destruction.
Shares of Mallinckrodt are down more than 45% in premarket trading after multiple reports indicate the company plans a restructuring in the wake of the opioid crisis that has promoted a number of lawsuits that implicate the company for its sales practices in the United States.
In the BioSpace poll, 55.17% of respondents said, Yes, companies should be allowed to sue competitors to prevent generic versions of their drugs, and 41.38% said no. A much smaller group, 3.45%, said they were unsure.
Citing unnamed sources “familiar with the matter,” Reuters said that the company will have no choice but to file for bankruptcy should a settlement not be agreed upon.
In an ongoing battle between Regeneron Pharmaceuticals and Sanofi versus Amgen over PCSK9 inhibitors to treat high cholesterol, a U.S. district court invalidated Amgen’s patents for Repatha.
According to “people familiar with the matter,” the company and its owners, the Sackler family, are plotting out a way to end the vast number of lawsuits filed against the company over its marketing practices for OxyContin and other opioid products.
Between J&J, Purdue ($270 million), and Israel-based Teva Pharmaceuticals ($85 million), Oklahoma will garner about $927 million – a far cry from the $20 billion the state had been seeking in damages related to the opioid crisis.
Adocia announced that the American Arbitration Association Tribunal governing Adocia’s arbitration claims against Eli Lilly & Company dismissed both parties’ claims in the second and final phase of the arbitration between Adocia and Lilly.
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