Endo International seeks to resolve more than 1,000 lawsuits filed against the company over its opioid painkiller Opana in a single deal, instead of joining an industrywide settlement with other opioid makers and distributors, according to Bloomberg.
Endo's lawyers and the attorneys representing the states, cities and counties suing the drugmaker have not discussed specific settlement figures. However, there has been discourse regarding how the company will change its marketing practices, three unnamed sources familiar with the matter told Bloomberg.
Endo aims to settle the existing lawsuits by 2018. A settlement would help Endo dodge "a multibillion-dollar litigation threat" as the company works to reduce costs and trim its workforce to lessen its $8 billion debt load, according to the report..
"Were Endo able to negotiate a separate settlement agreement, it likely suggests a smaller settlement amount than most feared, resolved at an earlier date," Mike Holland, a senior credit analyst at Bloomberg Intelligence, told Bloomberg. "Right or wrong, that positive price movement today reflects a potentially diminished risk."