Endo to Remove Opioid Painkiller in U.S. After FDA Request

Published on: 06 Jul, 2017

Endo International Plc. (NASDAQ: ENDP) announced on Thursday that it will voluntarily remove its powerful opioid painkiller, Opana ER, a month after the U.S. Food and Drug Administration's withdrawal request amid the growing opioid abuse crisis in the United States.

Endo's shares fell as much as 3 percent to $11.05 in afternoon trading on Thursday.

In June, the FDA asked Endo to stop sales of the painkiller, the first time the agency has taken such a step for an opioid. The request was made after the drug was tied to outbreaks of viral infections including HIV, as addicts would inject the drug and spread disease by sharing needles. Opioids were involved in more than 33,000 deaths in 2015 and opioid overdoses have quadrupled since 1999, according to the Centers for Disease Control and Prevention.

While the company has agreed to coordinate with the FDA to remove Opana ER, Endo reported that it expects to incur a pre-tax impairment charge of about $20 million in the second quarter. Opana ER, which was initially approved in 2006, generated sales of about $159 million in 2016.

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Austin Chiu

Email: Austin@financialinsiders.com

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