“Endo’s case is more like traditional bankruptcies because of other financial problems,” like losing federal patent protection for a major product, said Bruce Markell, a bankruptcy professor at Northwestern University’s Pritzker School of Law and former bankruptcy judge. Endo is also facing other types of litigation. Endo’s filing, although listing opioid litigation as a factor, also distinguishes itself from Purdue and Mallinckrodt with respect to whom the bankruptcy would protect and why the company filed.
Its sales of Opana never accounted for more than 1% of the US Opioid market, according to company records. It removed Opana from the market in 2017, the company said.īut Endo’s bankruptcy is different than other pharmaceutical mass tort cases because the company seemingly has less exposure for opioid litigation than other drugmakers and has other legal and financial issues that contributed to its struggles. The company sold $104 million of Percocet in 2021, according to company records. It has proposed a sale plan that would allow a senior lender group-including Silver Point Capital and GoldenTree Asset Management-to take over the company in exchange for about $6 billion in debt forgiveness.Įndo, which made and sold opioid products Opana and Percocet, is facing 3,100 lawsuits related to its opioid products. The Dublin-based drug manufacturer, which reported $3 billion in revenue in 2021, filed for bankruptcy Tuesday with $8 billion in debt. Endo International Plc’s bankruptcy filing follows other big pharma companies into Chapter 11 to manage liability from the nation’s opioid crisis, but contains some distinctions from other notable mass tort litigation bankruptcies.Įndo’s Chapter 11 case proposes to pay up to $550 million to opioid victims by shepherding thousands of victim claims in bankruptcy court, similar to how Purdue Pharma LP and Mallinckrodt Plc treated claims in their bankruptcies.
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