Drugmaker Endo Says Bankruptcy Likely Imminent

Endo International PLC, a pharmaceutical manufacturer facing thousands of lawsuits alleging it fueled the opioid addiction crisis, said Tuesday that it is likely to file for bankruptcy imminently, the Wall Street Journal reported. The company said that it is in negotiations with a group of senior lenders that it expects will result in an agreement for a chapter 11 filing. Endo also said that it is in discussions with opioid litigants as well as other creditors but didn’t say that it has reached a proposed deal with them. Endo, domiciled in Ireland with operations in Malvern, Pa., has been grappling for years against opioid-related lawsuits from state and local governments over its painkiller Opana. The company, which has denied liability in connection with the opioid crisis, discontinued Opana in 2017 at the request of the Food and Drug Administration. Endo has reached piecemeal settlements over opioid claims with states including Florida, Texas, New York, West Virginia and Alabama. But it still faces about 3,500 lawsuits from state and local governments, private healthcare providers and individuals. The company has also been struggling under $8 billion of debt as earnings declined in part driven by the loss of exclusivity for a key drug, Vasostrict. (Subscription required.) Read more.