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Drugmakers look to use Purdue Pharma's bankruptcy to settle opioid suits - WSJ

Drugmakers look to use Purdue Pharma's bankruptcy to settle opioid suits - WSJ
FILE PHOTO: Bottles of prescription painkiller OxyContin, 40mg pills, made by Purdue Pharma L.D. sit on a shelf at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey -
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George Frey(Reuters)
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(Reuters) – Endo International Plc <ENDP.O>, Johnson & Johnson <JNJ.N> and other drugmakers that face litigation over the opioid crisis are exploring a way to settle the cases by participating in Purdue Pharma LP’s bankruptcy, the Wall Street Journal reported, citing internal documents and a person familiar with the matter.

Five drugmakers battling the cases – Endo, J&J, Teva Pharmaceutical Industries Ltd <TEVA.TA> , Allergan Plc <AGN.N> and Mallinckrodt Plc <MNK.N> – are looking to enact a global settlement of the litigation that would be implemented through Purdue’s Chapter 11 case, the WSJ reported citing a person familiar with the matter.

The mechanism, if successful, would allow the companies to contribute money into a trust set up through the bankruptcy in exchange for a complete release from liability, according to the report. (https://on.wsj.com/2nVksYH)

OxyContin maker Purdue filed for bankruptcy protection in September, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.

Purdue, Mallinckrodt, Endo, J&J, Teva and Allergan were not immediately available to Reuters’ requests for comment.

(Reporting by Shanti S Nair in Bengaluru; Editing by Anil D’Silva)

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