Shares of Endo International (ENDP - Get Report) rocketed Tuesday on news of its $10 million settlement with a pair of Ohio counties suing drugmakers over their alleged roles in fueling the opioid epidemic in the United States.
Endo's stock price surged 28.86% to $3.23 after the company announced the settlement with Cuyahoga and Summit counties, removing the company from a potentially damaging trial in October.
The "settlement in principle" includes Endo's pledge to provide up to "$1 million of its Vasostrict and Adrenalin products free of charge," the company said in a statement.
The amounts said to be discussed for Allergan and Endo to settle (or partially settle) are far lower than those other companies already have paid. For instance, Purdue Pharma paid $270 million, and Teva Pharmaceutical Industries (TEVA - Get Report) stumped up $85 million to deal with claims in Oklahoma.
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