Drugmakers look to use Purdue Pharma's bankruptcy to settle opioid suits - WSJ
Reuters
Published Sep 30, 2019 22:58
Drugmakers look to use Purdue Pharma's bankruptcy to settle opioid suits - WSJ
(Reuters) - Endo International Plc (O:ENDP), Johnson & Johnson (N:JNJ) and other drugmakers that face litigation over the opioid crisis are exploring a way to settle the cases by participating in Purdue Pharma LP's bankruptcy, the Wall Street Journal reported, citing internal documents and a person familiar with the matter.
Five drugmakers battling the cases - Endo, J&J, Teva Pharmaceutical (NYSE:TEVA) Industries Ltd (TA:TEVA) , Allergan Plc (N:AGN) and Mallinckrodt Plc (N:MNK) - are looking to enact a global settlement of the litigation that would be implemented through Purdue's Chapter 11 case, the WSJ reported citing a person familiar with the matter.
The mechanism, if successful, would allow the companies to contribute money into a trust set up through the bankruptcy in exchange for a complete release from liability, according to the report. (https://on.wsj.com/2nVksYH)
OxyContin maker Purdue filed for bankruptcy protection in September, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.
Purdue, Mallinckrodt, Endo, J&J, Teva and Allergan were not immediately available to Reuters' requests for comment.
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Written By: Reuters
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