Endo International, the Dublin-based pharmaceutical company with U.S. headquarters in Malvern, reached a $50 million settlement to resolve three opioid cases in New York, writes John George for the Philadelphia Business Journal.
The news sent the company’s stock soaring, recording a nearly 33 percent increase on Friday.
Endo had three consolidated opioid cases pending in Suffolk County Supreme Court. The plaintiffs were the state of New York and Suffolk and Nassau counties. They alleged the company, along with its subsidiaries, advertised and sold prescription opioid medications in a way that contributed to the national opioid abuse epidemic.
Also, the lawsuit alleged Endo failed to take proper steps to identify and report suspicious orders.
Under the settlement agreement, Endo and its subsidiaries did not admit to any wrongdoing.
According to Endo, the company remains focused on reaching a global settlement on the remaining opioid claims.
“Endo is also currently exploring other strategic alternatives and may seek to implement one or more of those alternatives in the event it is unable to achieve a global settlement,” said the company. “Endo cannot speculate on the likelihood, nature, or timing of any outcome.”
Read more about Endo International in the Philadelphia Business Journal.