***The Iowa Standard is an independent media voice. We rely on the financial support of our readers to exist. Please consider a one-time sign of support or becoming a monthly supporter at $5, $10/month - whatever you think we're worth! If you’ve ever used the phrase “Fake News” — now YOU can actually DO something about it! You can also support us on PayPal at [email protected] or Venmo at Iowa-Standard-2018 or through the mail at: PO Box 112 Sioux Center, IA 51250

Iowa Attorney General Tom Miller has reached an agreement in principle with Endo International plc and its lenders that would provide up to $450 million to participating states and local governments, ban promotion of Endo’s opioids, and require Endo to turn over millions of documents related to its role in the opioid crisis for publication in a public online archive.

The agreement in principle with Endo, which filed for Chapter 11 bankruptcy protection Tuesday night in the Southern District of New York, resolves allegations that Endo boosted opioid sales using deceptive marketing that downplayed the risk of addiction and overstated the benefits.

Advertisement

Endo, an Ireland-based drugmaker with its U.S. headquarters in Malvern, Pa., makes generic and branded opioids including Percocet and Endocet, and also made Opana ER, which was withdrawn from the market in 2017. The states allege that Endo falsely promoted the benefits of Opana ER’s so-called abuse-deterrent formulation, which did nothing to deter oral abuse and led to deadly outbreaks of Hepatitis and HIV due to its widespread abuse via injection.

“We continue to hold opioid makers accountable for their deceptive marketing,” Miller said. “This settlement, combined with the money from other settlements we’ve secured, will help to fund prevention and treatment efforts.”

In late July, Miller announced agreements in principle with two other opioid makers, Teva Pharmaceuticals and Allergan, that would provide $6.6 billion nationally. His office is leading negotiations with the two companies.

The Endo resolution, which is contingent on final documentation and Bankruptcy Court approval, involves the following:

  • Requires payment of $450 million in cash over 10 years to participating states and subdivisions.
  • Requires Endo to turn over its opioid-related documents for publication online in a public document archive and pay $2.75 million for archival expenses.
  • Bans the marketing of Endo’s opioids forever.

Several details, including each state’s share of the settlement, have yet to be determined.

In addition to Iowa, the settlement is joined by the attorneys general of Arizona, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming, and the U.S. Virgin Islands.

More information on Iowa’s settlements with opioid makers and distributors can be found on the Iowa Attorney General’s website.

Author: Press Release

(adsbygoogle = window.adsbygoogle || []).push({});

LEAVE A REPLY

Please enter your comment!
Please enter your name here