DUBLIN, Sept. 5, 2019 /PRNewswire/ -- 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 executed a definitive
Settlement Agreement and Release (the "Settlement Agreement") 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"). Endo had previously announced a settlement
in principle of the Track 1 Cases on August
20, 2019.
The Settlement Agreement fully resolves all claims that were or
could have been asserted by the two plaintiff counties against the
Endo Entities in the Track 1 Cases, including 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 Agreement, 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, to be initially allocated by and between the two plaintiff
counties as follows: Cuyahoga
County will receive $6.2
million in cash and up to $620,000 of Vasostrict® and/or
Adrenalin®; and Summit
County will receive $3.8
million in cash and up to $380,000 of Vasostrict® and/or
Adrenalin®. The two plaintiff counties may further
apportion and use the foregoing amounts 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 Agreement. The Settlement Agreement includes no
admission of wrongdoing, fault or liability of any kind by the Endo
Entities and avoids litigation risk and associated costs. It
is important to note that the value of the Settlement Agreement
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,
statements relating to the terms of the settlement. 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.