![]() Earlier this year, Tensor Limited, which was formed by a group of Endo’s pre-bankruptcy. Bankrupt opioid maker Endo International Plc plans to sell nearly all of its business assets to a group of lenders in exchange for wiping out about 6 billion debt owed, opting to abandon its auction process. PJT Partners LP is acting as Endo’s financial advisor and Skadden, Arps, Slate, Meagher & Flom is serving as legal advisor. A lender-formed company bid as stalking horse. The deal, in which lenders would take over the pharmaceutical maker by applying the debt they’re owed, would improperly distribute. “This transaction will also immediately enhance Endo’s adjusted EBITDA and create significant value for shareholders of both organisations.” The Justice Department and other federal agencies objected to Endo International Plc ’s proposed sale to lenders, arguing the 6 billion deal is discriminatory to the US government and other creditors. ![]() On successful completion of the tender offer, Endo’s acquisition subsidiary will be combined into BioSpecifics and any remaining shares of the latter will be cancelled and converted into the right to receive the same consideration payable under the tender offer.Īnticipated to close late this year, Endo plans to fund the deal with cash on hand.Įndo president and CEO Blaise Coleman said: “Acquiring BioSpecifics is consistent with our strategic priority to expand and enhance our portfolio through additional investment in the significant long-term growth potential of both Xiaflex and Qwo – two of our most durable and differentiated products. Par Pharmaceutical develops, manufactures and markets safe, innovative and cost-effective generic pharmaceutical products that help improve patient quality. The money – which is the first financial award in a case brought against the pharmacies in a federal court – will be allocated to tackle an opioid crisis in Lake and Trumbull counties, located outside Cleveland.Īttorneys for the counties, who accused the pharmacies of dispensing vast quantities of opioids whilst turning a blind eye to abuse of the drugs – have said they estimate the cost of combatting opioid abuse could run to $3.3 billion.ĬVS, Walmart, and Walgreens have all said they will appeal the ruling, insisting they neither manufactured or marketed opioids, nor distributed them to illegal 'pill mills' and rogue Internet pharmacies that they claim fuelled the epidemic of opioid abuse.These conditions include that a majority of shares of BioSpecifics common stock are tendered. Meanwhile, three of the largest pharmacy chains in the US – CVS, Walgreens and Walmart – have been ordered to pay $650 million to two Ohio counties in the wake of a jury trial, which found them culpable of fuelling the opioid crisis last November. Endos all-cash tender offer (the 'Offer') to acquire all of the issued and outstanding shares of BioSpecifics common stock at a purchase price of 88.50 per share expired one minute after 11:59. The settlement would ban Endo from promoting opioids and require it to hand over millions of documents related to its role in the opioid crisis for publication in a public online archive. Separately, the company also agreed in principle a deal with 34 US states to provide $450 million over a period of ten years, to resolve allegations that the company boosted opioid sales using deceptive marketing practices. In a statement, Endo said its plans would result in a "substantial" reduction in debt and would create voluntary trusts funded with $550 million set aside for "certain opioid claims." Endo International plcs (NASDAQ: ENDP ) Q2 sales decreased 20 to 569.11 million. ![]() The Ireland-domiciled company is struggling under the weight of around $8 billion in debt, and has been hamstrung by costs associated with fighting thousands of suits that accuse it of wrongdoing in its marketing and promotion of painkiller Opana ER (oxymorphone), which was withdrawn from the market five years ago, as well as oxycodone-based products Percocet and Endocet.Įndo's slide into bankruptcy follows in the footsteps of Purdue Pharma – which filed in 2019 but is still negotiating opioid settlement and corporate restructuring terms – as well as Mallinckrodt, which emerged from chapter 11 after agreeing a $1.6 billion settlement earlier this year. Endo Shares Plunge On Imminent Bankruptcy Filing. Tonix Pharma, iBio to leave SA News Mon, Jun. The largest to date are a 65 million settlement with Florida and a 63 million. Get the latest news and real-time alerts from Endo International plc (ENDPQ) stock at Seeking Alpha. Endo International is the latest drugmaker to file for chapter 11 bankruptcy protection in connection with opioid litigation in the US, after agreeing a $6 billion deal with creditors that includes an offer to settle outstanding lawsuits. Since 2019, Endo has agreed to make 300 million in opioid settlement payments with state and local governments.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |