Drugmaker Endo reaches $465 mln bankruptcy settlement with US (updated)

Endo International

29/02/2024 16:55

(Adds detail on the settlement, background in paragraphs 2-3)
       NEW YORK, Feb 29 (Reuters) - 
    Bankrupt drugmaker Endo International will pay up to $465
million to settle the federal government's law enforcement, tax,
and healthcare cost claims, the U.S. Department of Justice said
on Thursday.
  
        The settlement removes the 
    largest obstacle
     to completing Endo's plans to sell its assets to its
lenders in bankruptcy.
  
    Endo has agreed to pay the government $364.9 million over 10
years, plus a contingent payment of up to $100 million,
depending on how well its business performs after its exit from
bankruptcy. The settlement allows Endo to opt for a lower,
one-time payment of $200 million immediately upon its exit from
bankruptcy. 
        Endo, which filed for bankruptcy in August 2022 to
address thousands of lawsuits over its alleged role in the U.S.
opioid epidemic, has agreed to pay about $600 million in
settlements to states and people afflicted by the opioid crisis.
   
  

 (Reporting by Dietrich Knauth; Editing by Richard Chang)
 ((Dietrich.Knauth@thomsonreuters.com;))