Endo International plc (NASDAQ: ENDP) today announced that it and its wholly-owned subsidiaries Endo Pharmaceuticals Inc., Endo Health Solutions Inc., Par Pharmaceutical, Inc., and Par Pharmaceutical Companies, Inc. have entered into a statewide settlement agreement intended to resolve all government-related opioid claims in Texas.
The settlement, which is subject to certain conditions and contingencies, provides a framework through which Endo and its subsidiaries can fully and finally resolve the opioid-related claims of Texas and its subdivisions in exchange for a total payment of $63 million. The settlement includes no admission of wrongdoing, fault, or liability of any kind by Endo or its subsidiaries, and the settlement value should not be extrapolated to any other opioid-related cases or claims.
The Texas settlement resolves, among other things, claims against Endo’s subsidiaries in two cases set for trial in Texas state court in 2022: County of Dallas v. Purdue Pharma, L.P., et al., Texas MDL Pretrial Cause No. 2018-77098, and County of Bexar v. Purdue Pharma, L.P., et al., Texas MDL Pretrial Cause No. 2018-77066. The plaintiffs in those cases agreed to sever Endo’s subsidiaries from these upcoming trials pending implementation of the settlement.
The Company is continuing to litigate opioid claims not covered by its settlements and to pursue settlements that it believes are in its best interests while remaining focused on its primary goal of achieving a global settlement. At the same time, Endo is exploring other strategic alternatives and may seek to implement one or more of those alternatives in the event it is unable to achieve a global settlement. Endo cannot speculate on the likelihood, nature, or timing of any outcome.