Shares of Endo International (ENDP) - Get Endo International Plc Report jumped on Friday after the drugmaker agreed to pay $50 million to New York state to settle claims tied to marketing and sale of prescription opioid medications and failure to identify and report suspicious orders.
Shares of the Dublin company at last check rose 46% to $3.06.
Endo said the settlement includes no admission of wrongdoing by the company or its subsidiaries. And "the settlement value should not be extrapolated to any other opioid-related cases or claims," the company said.
Endo and its subsidiaries were facing lawsuits by New York Attorney General Letitia James and two of New York state's largest counties, Suffolk and Nassau on Long Island.
A jury trial had been in progress since June 2021, the company said.
The state's opioid claims against AbbVie (ABBV) - Get AbbVie, Inc. Report and Teva Pharmaceutical (TEVA) - Get Teva Pharmaceutical Industries Limited Sponsored ADR Report remain pending, Reuters reported.
"While litigation of the remaining opioid claims is ongoing, Endo is focused on its primary goal of achieving a global settlement," the company said in a statement.
Late last month The Wall Street Journal reported that Endo had engaged consultants Alvarez & Marsal to help evaluate its options for dealing with the opioid-related lawsuits it faces.
In July, Endo agreed to pay $35 million to settle a lawsuit by Tennessee local governments and on behalf of a child allegedly born addicted to painkillers.
Endo had removed its opioid painkiller Opana ER from the market in July 2017, Reuters reported.
According to the Centers for Disease Control and Prevention, more than 70% of the 70,630 drug overdose deaths in 2019 involved an opioid.