In 2021, New York Attorney General Letitia James filed a lawsuit against Endo and several other opioid manufacturers for their alleged contribution to the opioid epidemic in New York. It was the first time that the FDA had "taken steps to remove a currently marketed opioid pain medication from sale due to the public health consequences of abuse." Opana has been linked to outbreaks of HIV, hepatitis C and serious blood disorders. Food and Drug Administration (FDA) released a press statement in which it announced that it requested Endo to withdraw its opioid drug, oxymorphone hydrochloride (Opana ER), from the market. Its 10-K statement indicates that a majority of the company's US revenue in 2016 was derived from the sale of prescription pain killers, predominantly opioids. Opioids Įndo is one of the companies named in lawsuits by the states of Ohio, Missouri and Mississippi as responsible for the US opioid epidemic. On AugEndo International Plc filed for Chapter 11 bankruptcy protection after reaching a $6 billion deal with some of its creditors. In 2022, Endo's stock fell below $1 as the company faced restructuring of its $8 billion of debt. However, Teva prevailed in this acquisition with a substantially higher bid. In early 2014, Endo sought to acquire NuPathe, a speciality pharmaceutical developer, for $105 million. In 2018, Endo settled over 1,200 lawsuits related to its testosterone replacement therapy, Testim, and its undisclosed side effects. In 2015, Endo acquired the specialty generics and sterile injectables company Par Pharmaceutical for $8.05 billion. In October 2014, Endo said it would buy Auxilium Pharmaceuticals for $2.6 billion along with its testosterone replacement therapy products. they could afford to pay more to acquire U.S. In July 2015, The Wall Street Journal noted Endo was using Ireland's lower tax rate to acquire U.S.–based life sciences firms and relocate them to Ireland's tax regime (i.e. Įndo used the 2013 acquisition of Paladin Labs, and Canadian tax laws, to execute a corporate tax inversion to Ireland. In November 2013, Endo agreed to purchase Paladin Labs Inc for about $1.6 billion to gain access to the Canadian market as well as expand into emerging markets. The company entered the male hypogonadism market later in 2010 with Fortesta 2% gel. In 2009, Endo bought Indevus Pharmaceuticals to diversify into endocrinology and oncology. Shares of Endo, as of press time, were trading at $76.00 – down 3.43%.See also: Corporation tax in the Republic of Ireland § Corporate tax inversionsĮndo was created as a result of a management buyout from DuPont Merck in 1997 led by Carol Ammon. The day after the offer was made, QLT’s share price plunged 13.72%. However, this price is considerably lower than its high in the previous 30 days of $7.25, which came about a week before Endo’s offer to Auxilium on September 16. At its peak in 2006, the firm had 400 staff members in July 2012, the company fired more than two-thirds of its staff after a Danish venture capital firm took control of QLT’s board.īy December 2012, the staff count had dwindled to 39.Īs of press time, the share price of QLT has not taken an immediate hit from the news shares were trading at $4.60 – an increase of 1.55% from the day before. The last few years have been rough for the Vancouver biotech. The unsolicited Endo offer came in September, and as recently as September 22, Auxilium had announced that it was not interested in cancelling its deal with QLT. (TSX:ENL), a healthcare firm based in Dublin, Ireland. QLT chairman Jason Aryeh said the company is going to start reassessing its options immediately.Īuxilium has rejected the deal in favour of a better offer from Endo International plc. QLT will receive a kill fee of US$28.4 million according to the terms of the original merger agreement. The two companies had announced the merger in June, and at the time Auxilium said it would allow the company to move into a considerably lower tax bracket. (TSX:QLT) has taken another huge hit as its US$300 million buy-out from Auxilium Pharmaceuticals (NASDAQ:AUXL) has been abruptly terminated.
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