Specialty pharmaceutical company Endo International (ENDP) - Get Endo International Plc Report on Tuesday reached an agreement in principle with the Louisiana attorney general to settle all opioid-related cases and claims of the state and other Louisiana governmental persons and entities for $7.5 million.
The settlement and payment will be subject to 100% participation by Louisiana's political subdivisions, with payment provided by Oct. 28. The settlement includes no admission of wrongdoing, fault or liability of any kind by Endo and its value should not be extrapolated to any other opioid-related cases or claims, according to a Tuesday statement.
"We are very pleased to have reached an agreement in principle to settle all of Louisiana's governmental opioid cases and claims following outreach by counsel for the Louisiana Attorney General's office," Matthew J. Maletta, Endo executive vice president and chief legal officer, said in the statement.
"The Attorney General's constructive approach provided the opportunity for accelerated negotiation and resolution, and once the required political subdivision participation threshold is achieved, funds will be promptly delivered to Louisiana to help address the state's opioid abuse crisis," Maletta said.
Endo is focused on achieving a global settlement of all remaining opioid claims, the statement said. At the same time, Endo is exploring other strategic alternatives and will pursue settlements that it believes are in the best interests of the company.
Endo has already reached opioid claims settlements with several other states over the past two years. On Sept. 9, it reached an agreement to pay a total of $50 million to the State of New York and Suffolk and Nassau counties in the state.
The drug company on Aug. 4 finalized an agreement with nine counties, 18 cities and towns and one individual in Tennessee to settle opioid claims for $35 million.
In September 2019, Endo reached an agreement to pay $10 million cash and $1 million in its Vasostrict and Adrenalin products to Cuyahoga and Summit counties in Ohio to settle opioid claims.
Shares of Endo on Tuesday rose 0.6% to $3.42 at close of trading. Endo stock is down more than 52% so far this year.