DUBLIN, Aug. 20, 2019 /PRNewswire/ -- In light of
recent media coverage and inquiries, Endo International plc
(NASDAQ: ENDP) today announced that its subsidiaries Endo
Pharmaceuticals Inc., Endo Health Solutions Inc., Par
Pharmaceutical, Inc. and Par Pharmaceutical Companies, Inc.
(collectively, the "Endo Entities") have reached a settlement in
principle with the County of Cuyahoga,
Ohio, the County of Summit,
Ohio and certain related persons in connection with the
following lawsuits pending in the U.S. District Court for the
Northern District of Ohio: The County of Cuyahoga, et al. v. Purdue Pharma, L.P., et
al., Case No. 17-OP-45004; and The County of Summit, et al. v. Purdue Pharma, L.P., et al.,
Case No. 18-OP-45090 (collectively, the "Track 1 Cases"). The
settlement will be effective only upon the execution of definitive
documentation.
If finalized, the settlement will resolve the Track 1
Cases. The Track 1 Cases assert various claims arising from
or otherwise relating to the manufacturing, marketing,
distribution, supply, sale, prescribing, use and/or abuse of
branded and generic opioid medications. Under the
settlement in principle, Endo will pay a total sum of
$10 million and will provide up to
$1 million of its Vasostrict® and
Adrenalin® products free of charge, all to be allocated by and
between the two plaintiff counties in their sole discretion.
Further, in the event of a comprehensive resolution of
government-related opioid claims, the Company has agreed that the
two plaintiff counties will receive the value they would have
received under such resolution less the total value of the
settlement in principle announced today. The settlement will
include no admission of wrongdoing, fault or liability of any kind
by the Endo Entities and is based on the avoidance of litigation
risk and associated costs.
Matthew J. Maletta, Endo's
Executive Vice President and Chief Legal Officer, stated that "Endo
is pleased to have reached a resolution in principle of the Track 1
Cases, which are currently scheduled to go to trial in October
2019. This is a favorable outcome for the Company. As
context, the cash portion of the settlement approximates the
estimated cost to Endo of proceeding through trial while the
product portion of the settlement illustrates the importance of
Endo's critical care products. It is important to note that
the value of the settlement 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.