DUBLIN— Endo International plc (NASDAQ: ENDP) (“Endo”) today announced that it and its wholly-owned subsidiaries, Endo Health Solutions Inc., Endo Pharmaceuticals Inc., Par Pharmaceutical, Inc. and Par Pharmaceutical Companies, Inc., have settled three consolidated cases pending in Suffolk County Supreme Court in the State of New York: County of Suffolk v. Purdue Pharma L.P. et al., Case No. 400001/2017; County of Nassau v. Purdue Pharma L.P. et al., Case No. 400008/2017; and The State of New York v. Purdue Pharma L.P. et al., Case No. 400016/2018.
The plaintiffs in the foregoing cases asserted various claims relating to the defendants’ marketing and sale of prescription opioid medications and/or alleged failures to take adequate steps to identify and report suspicious orders. A jury trial on liability has been ongoing since June 2021.
As a result of the settlement, Endo’s subsidiaries have been severed from the trial. The settlement fully and finally resolves all of the asserted claims in exchange for a total payment of $50 million. The settlement includes no admission of wrongdoing, fault or liability of any kind by Endo or its subsidiaries, and the settlement value should not be extrapolated to any other opioid-related cases or claims.
While litigation of the remaining opioid claims is ongoing, Endo is focused on its primary goal of achieving a global settlement. 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. Endo cannot speculate on the likelihood, nature or timing of any outcome.
